Binance Enters Into an Alliance With the Turkish Bank

Binance has announced its alliance with a popular Turkish bank, AKBank, that will permit smooth deposit and withdrawals of Turkish Lira (TRY) on the exchange.

First Bank Ever to Integrate Directly with #Binance: @Akbank

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

It is the first time that Binance has decided to integrate with a bank. Binance has made the announcement of the partnership earlier in the day and divulged that it has decided to integrate with AKBank. AKBank has carved its identity as one of the leading banks in Turkey.

Soon after this partnership, Akbank would start processing fiat deposits and withdrawals for Binance’s customers based in Turkey. Turkish users will now find it hassle-free to purchase cryptocurrencies using the country’s currency, Turkish Lira. Both the iOS App and desktop will also start extending support to fiat deposits and withdrawals with the assistance of AKbank.

As of now, Akbank has approximately ₺ 341.6 billion in assets in its possession and has been ranked as “The Most Valuable Banking Brand in Turkey” consistently. The bank has also emerged as the country’s most popular global brand. After the tie-up, the bank will also offer the exchange legality in Turkey and beyond.

The alliance is likely to give a big boost to Binance as Turkey has become one of the main countries when it comes to awareness and interest in cryptocurrencies. In terms of crypto adoption, the name of Turkey figures in the top rank.

If sources are to be believed, Turkey may also have its own state-backed cryptocurrency that might be issued by Turkey’s Central Bank.

Binance has witnessed a steady expansion in fiat options since 2019. Earlier reports were rife that Binance is also likely to support Russian Rubble for fiat deposits and withdrawals.

Meanwhile, the launch of “Binance Singapore” also allowed support to fiat-based purchase on the exchange.