Binance has unveiled a new subsidiary that will provide cryptocurrency trading services in Turkey, including an on-ramp for the local lira.
- The exchange giant announced Tuesday that BinanceTR will offer lira trading pairs with bitcoin (BTC), ether (ETH), tether (USDT), XRP and the exchange's own Binance coin (BNB) and BUSD stablecoin.
- The new subsidiary will be owned by Binance and operated by an independent company BN Teknoloji A.S.
- A spokesperson declined to comment on the nature of the relationship between Binance and BN Teknoloji as both sides had signed a non-disclosure agreement.
- Trbinance will be able to tap the broader exchange's liquidity through Binance Cloud.
- Users' assets will also be covered by the SAFU Fund, Binance's emergency insurance fund.
- Turkey has one of the highest rates of crypto adoption, with 16% of citizens having either bought or used digital assets in 2019, according to a global survey.
- Binance founder and CEO Changpeng Zhao said in a statement that Turkey is a key market to help the exchange bridge the gap between Asia and Europe.
- Asked if BinanceTR would comply with local exchange rules, a Binance spokesperson said the platform would satisfy the risk and anti-money laundering and know your customer concerns of local regulators and market participants.
- The spokesperson added that BinanceTR would also prepare financial statements according to local law.
- This will be Binance's sixth local exchange. The spokesperson said a U.K. institutional exchange is still set to launch sometime this year.
EDIT (Sept. 10, 09:20 UTC): This article has been updated to clarify why Binance couldn’t comment on its relationship with BN Teknoloji A.S.