Binance Partners With Turkey’s Akbank for Offering Fiat On-Ramp Facility

Top cryptocurrency exchange Binance stated that fiat on-ramp facility for Turkish lira is now a reality through collaboration between top Turkish bank Akbank.

Turkey based customers of Binance can utilize the facility to deposit and withdraw straightaway via money order or EFT, irrespective of whether they have an account with Akbank or not.

Regarding the partnership with Akbank, Binance CEO Changpeng “CZ” Zhao opined as follows:

“As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2017. By working with Akbank, Binance KYCed users who have Turkish bank accounts will be able to buy crypto via instant bank transfers at very low fees. The new fiat on-ramp allows our users to deposit Turkish Lira with zero fees and withdraw with a fee of 2.5 TRY.”

CZ further made it clear that Binance is complying with local rules in all countries it operates. He stated that Binance considers being compliant as a top priority, while easing the constraints for crypto enthusiasts and lead crypto adoption.

The CEO said “We abide by the local laws and regulations and are committed to providing secure services to our users.”

Binance CEO revisited his plan for offering on-ramps for 180+ fiat currencies in 2020, while offering several options for every fiat currency. Zhao said that Turkey is not an exception to the plan.

“We will continue to add Turkish Lira fiat on-ramps, and hopefully bring down the cost and bring better services to our users, which eventually will attract more users for the industry and drive massive crypto adoption in this vibrant country and across the globe.”

Citing the continuous increase in trading volume of TRY pairs, CZ stated that Binance is recording robust demand in the Turkish market for crypto.

Referring Turkey as a crucial market for Binance, he affirmed his view about Turkey as “a vibrant country that has one of the strongest demands and fast-growing interest in crypto, blockchain, and technology in general.”

He underlined that when Binance organizes local get together in Turkey, it turns out to be one the noted events in the world.