Binance Now Supports Turkish Lira

Binance Now Supports Turkish Lira

Binance has launched a new Turkish Lira (TRY) fiat gateway and development plans that will open up further trading possibilities in Turkey.

The news came via a speech from the Binance CEO, CZ Zhao, via a keynote speech at the Turkish Capital Markets Summit. This will mean that would-be traders out there who hold Turkish Lira, will now have support to trade on their platform directly via this fiat. As such, it beckons in a new dawn for the platform in a new territory and opens up further options for Turkish traders to partake in cryptocurrency investment.

Chao stated that CZ, the reason the move was taken was that, “Turkey has quickly adopted crypto in just the last year as the country faced economic uncertainties, which correlates with global economic markets but twice the rate from its neighboring European countries.”

The move comes thanks to a new partnership with a local partner in Turkey called Papara– an online digital wallet which is aiming to make financial services more accessible.

Via the firm, the process of buying crypto instantly with TRY will become available later this week which will enable traders to buy BNB, BTC, ETH or XRP with the Turkish national currency, with a reasonable rate of 1% for deposits. There have also been other promises made of other functionalities and features to be revealed at a later date, but notably, the option for selling with TRY.  

“The impressive rate of cryptocurrency and blockchain adoption in Turkey reflects the young and dynamic population of the country.” Said chairman of Papara. “We’ve been serving the Turkish cryptocurrency community since 2017 and we’re proud to continue to do so by enabling Turkish Lira deposits and withdrawals on Binance.” He continued.

Elsewhere in the crypto world, Turkey is also a keen location. Exmo, for example, branched out in the Turkish crypto market several months ago.

Recently Similar News

cex-promotion etoro-promotion

Latest Guides

Latest News

Audit,Binance,Exchange Platforms,Security

Binance Reveal The Results of Two Security Audits

Binance have recently had their security measures tested by two third party firms. Now, these results have been released by the platform to their user. It has been a testing 2019 for Binance security-wise. Back in May, they suffered one of the largest ever recorded hacks whereby $41 million in bitcoin was stolen from the […]

8 December, 2019
Exmo,Tether,Tron,Updates

EXMO Now Supports the TRC20 Standard For USDT.

EXMO have expanded their deposit and withdrawal options for one of the leading stablecoins, Tether by now offering support for the TRC20 standard of USDT. Support for USDT was already offered via Ethereum (ERC20), which as a result, allowed the platform to lower withdrawal fees by 10x. However, this new move will help them expand […]

7 December, 2019
BitPanda,Launch,Mobile,Updates

BitPanda Launch IOS App

Apple product owners will be able to enjoy a better on the go experience at BitPanda thanks to the launch of their new IOS app. While their Android app has been up and running for some time now, the option for iPhone users is all new and will be a welcome addition to their service. […]

7 December, 2019
Binance,Changelly,Listings,Stablecoin

Changelly Extend Stablecoin Repertoire to Include BUSD

Changelly have added Binance’s BUSD to their exchange platform’s listings. BUSD was launched by Binance back in September in partnership with the American firm, Paxos, with the stablecoin being backed 1:1 with the USD. Now that it has been listed on Changelly, it is now possible for traders who are members of the platform to […]

6 December, 2019
Kraken,Maintenance,Security,Updates

Kraken Warn of Downtime Tomorrow Afternoon

Users of Kraken have been informed that for tomorrow there may be an interruption in traders service in order to complete an upgrade to the platform. As a result of this upgrade, at 16:00 UTC for approximately 1 hour the system will be out of action. However, this should be a minor convenience during which […]

6 December, 2019
Exchange Platforms,Exmo,Giveaway,Promotion

EXMO And Roobee Team Up For New Buy and Hold Comp

EXMO and blockchain-based investment platform, Roobee have teamed up for a new contest where a number of Apple products and tokens are up for grabs. Back in October, EXMO listed the IEO of the Roobee native token, ROOBEE before promising that there would be further operations together between the two firms. Staying true to this, […]

5 December, 2019
Acquisitions,Binance,DApps,Exchange Platforms

Binance Complete Acquisition of DAppReview

Binance has completed an acquisition of DappReview, an information and analytics platform for blockchain-based decentralised applications. DApp review is essentially what the name implies it is. With the platform’s purpose in mind to provide user insights and dapp information, with the platform currently providing this for over 3,900 dapps. Of course, while Binance have shown […]

4 December, 2019
BaseFEX,Bitcoin,Perpetual Contracts,Smart Contracts

Basefex Announce BTCUSDT Contract Size Change

Basefex have announced to their clients that the size of BTCUSDT contracts has been altered, changing from 0.01 BTC to 0.001 BTC. The change to these contracts is all set to go with the platform revealing that the development stage of the process has been completed, with them stating that a full rollout will be […]

4 December, 2019