Binance teams up with major Turkish bank to launch fiat on-ramp

Binance, the largest cryptocurrency exchange by volume, is partnering with Akbank, one of Turkey’s largest banks to launch its fiat on-ramp for the Turkish Lira (TRY).

The tie-up allows users to withdraw and deposit Turkish Lira on Binance via desktop or its iOS app while enjoying “the most competitive fees in Turkey.” 

Binance’s strategic move emphasizes the company’s mission to increase the number of fiat on-ramps. On top of the Turkish Lira, the exchange also supports the British Pound, Thai Baht, Argentine Peso, and Australian Dollar

“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, ” said Changpheng Zhao “CZ,” CEO of Binance

Turkey: home to one of the largest crypto markets in the world

Binance’s collaboration with Akbank follows a 2019 survey showing that Turkey leads all cryptocurrency markets in the world.

According to the Statista Global Consumer Survey, 20% of Turks polled said that they either had used or currently owned crypto assets. Turkey is followed by Brazil, Colombia, Argentina, and then South Africa. 

Additionally, Akbank is uniquely positioned to reach millions of customers in Turkey. As the fourth largest bank in Turkey in terms of assets under management, Akbank serves close to 18 million customers. The bank has over 900 branches all over the country with more than 14,000 employees.

Akbank also has over 5,000 ATMs and more than 600,000 point-of-sale terminals on top of direct payment channels that include mobile and online.

Akbank-Binance partnership to drive worldwide crypto adoption

Binance’s partnership with Akbank shows how crypto giants are teaming up with financial institutions to build key alliances. It also highlights the crypto exchange’s aim to drive cryptocurrency adoption around the world. 

“As part of our mission to continue working on increasing the freedom of money worldwide and notably in a country that is fast-adopting digital assets, we are expanding the available options to lower the barrier to entry,” CZ added. 

Binance makes two key hires to accelerate fiat efforts

The partnership with Akbank also underscores Binance’s push to build a vast global market for its platform.

In February, the exchange hired former Uber executive Matt Shroder to help Binance expand its services and operations in emerging markets. Shroder served as Uber’s Global Head of Operations. In addition, Binance also hired former TradingView COO Iskander Malikov to boost the platform’s fiat initiatives. 

Featured image courtesy of Flickr / Levent Avi

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