Binance Announces First Ever Bank Integration For Direct Turkish Lira Deposits And Withdrawals

Leading cryptocurrency exchange, Binance has partnered with Akbank, one of Turkey’s most forward-thinking banks to provide the first direct bank channel integration for instant fiat deposits and withdrawals, according to a press release shared with Cryptopotato. 

Starting today, the integration will allow Turkish users on the Binance trading platform to instantly deposit and withdraw the Turkish Lira (TRY) at the most competitive fees, both on desktop and the iOS app.

Lowering The Barrier Of Entry For Users

BInance is arguably one of the most innovative and fast-growing companies in the cryptocurrency industry, continually releasing new features and products to give users a friendly experience with crypto trading. 

Since its launch in 2017, Binance has maintained a growing list of partners to provide easy access to cryptocurrencies to users worldwide. Although the exchange already has several fiat partners and a gateway to purchase the Turkish Lira (TRY), Akbank is now Binance’s first direct bank payment channel to offer a fast and secure avenue for the purchase of cryptocurrency with fiat on the platform. 

The exchange said it hopes to have more banking partnerships like Akrbank to provide lower the barrier of entry for new users and drive the mass adoption of digital currencies. 

Increasing The Freedom Of Money

The exchange aims to promote the freedom of money across the globe by making cheaper options available for users to purchase and trade digital currencies.

Speaking on the development, Binance CEO, Changpeng Zhao (CZ) said:

“As part of our mission to continue working on increasing the freedom of money worldwide and notably in a country that is fast-adopting digital assets, we are expanding the available options to lower the barrier to entry. As the industry scales with our products and services that grow in tandem, the availability and process of investing, exchanging and trading crypto will become more and more seamless.” 

Last month, Binance added support for peer-to-peer (P2P) trading for the Russian Ruble (RUB) to allow users to transact with themselves using zero fees on the exchange’s P2P platform.