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.
Beginning today, users will be able to instantly deposit and withdraw Turkish Lira (TRY) on Binance via desktop and the iOS App with the most competitive fees in Turkey.https://t.co/V8tSlzJByp
— Binance (@binance) March 2, 2020
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.
There’re several reports about @Alipay being used for bitcoin transactions. To reiterate, Alipay closely monitors over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. [cont’d…]
— Alipay (@Alipay) October 10, 2019
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.
Alipay officially reaffirmed its “Prohibition of cryptocurrency OTC trading” on its Weibo today (auto translation below)
Starting from Aug, China OTC market has been slowing down quite a bit due to various actions taken by both payment channels and local police pic.twitter.com/z3ZqzyJpvn
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) October 10, 2019
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.
- Ripple CTO David Schwartz: Stablecoins Should Be Created On XRP Ledger
- Bitcoin – S&P 500 Correlation Soares In The Context Of Coronavirus And BTC Mining Difficulty Reached ATH