Binance Launches Fiat-Crypto Exchange for Turkish Market

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Paddy Baker

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.