Binance the largest cryptocurrency exchange in the world by trading volume is going to enter into the Turkey market by launching a new subsidiary exchange there. The major digital currency has announced in a blog post that it is going to roll out a local cryptocurrency exchange ‘Binance TR’ in the Turkey market.
Introducing Binance TR
The cryptocurrency exchange giant Binance has unveiled Binance TR a crypto-to-crypto and fiat-to-crypto exchange in Turkey. It will allow users in Turkey to trade the local fiat currency Lira against cryptocurrency.
Users can trade Lira (TRY) against various cryptocurrency trading pairs supported on the platform of Binance TR. These include Bitcoin (BTC) the world’s largest cryptocurrency by market cap, Ethereum (ETH), the stablecoin Tether (USDT), Ripple’s cryptocurrency XRP, Binance USD (BUSD) stablecoin, and the native digital currency of Binance BNB. More coins are expected to be supported in the future. Users can use a direct bank channel for withdrawing or depositing Turkish Lira.
Binance TR to leverage Binance Cloud solution
As per the official blog post of Binance, this new subsidiary exchange will use the infrastructure solution of Binance known as Binance Cloud which will help it to leverage liquidity, security, and top-notch technology of the Binance exchange.
Moreover, the emergency insurance fund of the exchange SAFU Fund will cover the Binance TR exchange and its assets. Apart from this, an established fintech firm BN Teknoloji A.Ş will operate this local exchange in Turkey.
Commenting on this, the CEO of Binance Changpeng Zhao (CZ) said:
“Turkey is not only one of the leading countries in blockchain adoption but also a key bridge market for the global economy, which connects Asia to Europe. Interest and development in the crypto space from Turkey have been dynamic from the early days of Binance. We are looking forward to providing a local crypto exchange platform, which will be shaped and developed together by us and our Turkish community.”
Apart from Binance TR, the other five subsidiaries of the Binance exchange are located in the United States, Singapore, Uganda, Jersey, and Korea.