Binance integrating with a Turkish bank, allow for easy deposits and withdrawals of Turkish Lira (TRY)

Binance has announced it is integrating with a Turkish bank, making it easier to deposit and withdraw Turkish Lira (TRY) on the exchange.

Binance integrating with a Turkish bank

This seems to be the first time Binance has officially partnered with a bank and merged its services with them. Moreover, Binance also revealed it would be integrated with Akbank. As you may know, Akbank is one of the leading banks in Turkey. The bank currently has about ₺ 341.6 billion of assets under the wings and is continuously ranked as the most valuable bank brand in Turkey. This is one of Turkey’s most recognizable global brands, making the partnership with Binance even more shocking. Most importantly, it brings exchange legality in Turkey and beyond.

Akbank will process deposits and fiat withdrawals for Binance’s Turkish customers. Therefore, Turkish users can use Turkish Lira (TRY) to buy cryptocurrencies on the exchange more quickly. In particular, the desktop and iOS App will support fiat deposits and withdrawals with the help of Akbank.

This move could spur Binance significantly as Turkey is one of the leading nations when it comes to cryptocurrencies. Over the past year, Turkey has taken the lead when applying cryptocurrencies. The country also plans to one day have state-backed cryptocurrencies, which will be issued by the Central Bank of Turkey.

Binance has been continuously expanding its fiat options since last year. In early February, Binance announced it would support the Russian Ruble to deposit and withdraw fiat money. The launch of Binance Singapore’s previous year also supports fiat-based purchases on the exchange. Overall, Binance has continuously integrated itself with Mainstreet and regular trade.

However, both Alipay and WeChat deny Binance’s claim that it can be used to make cryptocurrency purchases on exchanges.

At the time, Dovey Wan (DoveyWan), of crypto asset management firm Primitive Ventures, tweeted an error message received from WeChat after the platform refused to buy cryptocurrencies.

Wan said the official denial of Alipay and WeChat was triggered by confirmation from Binance that they supported Alipay and WeChat, adding that it was a popular PR activity in China.

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