Binance Makes First Direct Banking Tie with Turkish Akbank

The exchange enables fiat-based services with Turkish lira.

Binance, a global crypto exchange, announced on Monday that it has directly partnered with Akbank, a commercial bank in Turkey, to open banking channels on its primary platform.

With this partnership, the crypto exchange has enabled instant deposit and withdrawal with Turkish lira across its web-based and mobile platforms.

Commenting on the development, Changpeng Zhao, founder and chief executive of the major exchange, 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.”

Capturing the global crypto market

This banking partnership came at a time when Binance is aiming at the global fiat markets with the goal of adding over 180 fiats across all its platforms by the end of this year.

Binance recently tapped into the Indian market by acquiring WazirX, a local crypto exchange, at a time when other Indian players are shutting their services.

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The exchange is even making high-profile appointments to meet its global expansion goals. Just last month, Binance onboarded a former Uber executive to oversee its expansion operations, followed by the hiring of a former TradingView COO to expand its fiat initiatives.

Apart from crypto trading services, the exchange is also tapping into other verticals of digital asset businesses. It recently revealed a white-label solution to allow local exchanges to quickly launch crypto exchanges using Binance’s technology.

The Singaporean entity of the exchange also applied for a license from the local regulator based on the newly introduced frameworks.

“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,” Zhao added.

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