Binance, the leading cryptocurrency exchange, is partnering with Akbank, Turkey’s fourth largest bank by assets under management. This partnership will allow users to deposit and withdraw Turkish Lira (TRY) instantly trough Binance’s iOS app and desktop with “most competitive fees in Turkey.”
Binance’s partnership with Akbank comes after a 2019 poll revealed that Turkey is one of the world’s largest markets for cryptocurrency.
The Statista Global Consumer Survey shows that 20% of the respondents polled in the country claimed that they currently own or had used cryptocurrencies.
Binance Aims Increasing Number of Fiat On-ramps
The latest move by Binance underscores the company’s goal to increase its number of fiat on-ramps. The crypto exchange also provides support for the Thai bhat, Argentine peso, and British pound, in addition to the Turkish Lira.
Binance CEO Changpeng Zhao says the exchange continues to diminish the entry barrier by expanding the options available.
Adds Zhao: “As the industry scales with our products and services that grow in tandem, the availability and process of investing, exchanging and trading crypto will become more and more seamless.”
The size and scope of the new partner for Binance shows how legacy giants and budding blockchain businesses are building strategic alliances.
Akbank, well known one of Turkey’s most forward-thinking banks, has a network of more than 901 branches across the country with 14,000-well trained staff. The bank has over 5,000 ATMs and more than 600,000 point-of-sale and other direct payment channels, including online and mobile, to serve its nearly 18 million customers.
Cryptolydian reported couple of days ago, Binance announced that it has partnered with Shyft Network, public blockchain protocol, as it prepares to comply with the regulations of the Financial Action Task Force (FATF).The Shyft Network has been designed to provide a decentralized solution to meet global compliance standards for crypto industry players, including the “travel rule” of the FATF.