The cryptocurrency exchange Binance has launched in Turkey its local unit Binance TR with support for fiat deposits in Turkish lira.
Introducing the new local exchange @BinanceTR! 🇹🇷#Binance is formally entering the Turkish market.
You can exchange crypto with Turkish Lira on https://t.co/haQJrwv57R now!https://t.co/FNnx3jtBFh
— Binance (@binance) September 9, 2020
The platform supports Bitcoin, Ethereum, XRP, BNB and BUSD in pairs with the Turkish lira and the USDT stablecoin from Tether. Users can deposit and withdraw funds through bank accounts.
Chief executive Changpeng Zhao described Turkey as one of the leading countries in the pace of blockchain adoption and a key market for the global economy. He said Binance TR would operate in accordance with local laws and comply with anti-money-laundering requirements.
Binance TR is the sixth branch of the bitcoin exchange. It currently operates in Singapore, South Korea, Uganda, Jersey and the United States.
Binance regards Russia as another important market. The company has said it will not abandon the launch of a debit card in the country, despite a forthcoming ban on cryptocurrency payments.
The law ‘On Digital Financial Assets’ is considered neutral by the company, but it does not rule out that further changes could threaten Binance’s operations in Russia.
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