Major crypto exchange Binance announced that their fiat on-ramp for Turkish Lira is live thanks to a partnership with major Turkish banking company Akbank, Cointelegraph Turkey reported on March 2.

Binance users from Turkey tin at present deposit and withdraw directly through money order or EFT, whether they accept an Akbank account or not.

"As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2022," Binance CEO Changpeng "CZ" Zhao told Cointelegraph. He continued:

"By working with Akbank, Binance KYCed users who accept Turkish bank accounts volition be able to buy crypto via instant bank transfers at very low fees. The new fiat on-ramp allows our users to eolith Turkish Lira with zero fees and withdraw with a fee of 2.5 TRY."

CZ clarified that Binance is operating compliantly "in all the jurisdictions we operate in." Staying fully compliant is a priority for Binance while lowering the barriers of entry for users and driving crypto adoption, he said, explaining:

"We abide by the local laws and regulations and are committed to providing secure services to our users."

Upcoming partnerships for fiat

Binance CEO refreshed the crypto commutation's program to offer on-ramps for 180+ fiat currencies in 2022 and offering multiple options for each fiat currency. And Turkey is no exceptionjj, co-ordinate to Zhao:

"Nosotros volition go along to add together Turkish Lira fiat on-ramps, and hopefully bring down the cost and bring ameliorate services to our users, which eventually will attract more than users for the manufacture and bulldoze massive crypto adoption in this vibrant state and across the globe."

Binance is all in for Turkey market

Noting the steady growth of the trading volume of TRY pairs, CZ said that Binance is seeing strong demand in the Turkish marketplace for crypto. Naming Turkey as an important market for Binance, he then reiterated his description of Turkey as "a vibrant country that has i of the strongest demands and fast-growing interest in crypto, blockchain, and technology in general." When Binance organizes meetups locally, those in Turkey are usually some of the biggest ones around the world, he added.

CZ recently took the top spot in Cointelegraph's showtime-e'er Tiptop 100 list.