Crypto exchange Huobi is set to open fiat gateways in Turkey following its expansion into the country earlier this year.
Reported by Coindesk, the exchange will enable fiat transactions only for the purchase of USDT and will offer around 250 trading pairs against the stablecoin. According to Mohit Davar, Huobi’s EMEA regional president, this single fiat pair will make the markets less complicated.
“It’s very difficult for any exchange to offer liquidity in the 250 coins that we hold against the local currency,” he told the publication.
The exchange already partnered with one of the local banks to build the infrastructure and compliance structure of its fiat-based services; however, the executive did not disclose the name.
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“I think generally where there is not a clear regulatory framework in the market, it’s been left to the discretion of the banks to make their own decision,” Davar added. “That is always to make sure that we have the right checks and balances, particularly when it comes to KYC and AML.”
Along with its local partner, the exchange is already testing its fiat gateways and is planning to launch the services as soon as December. However, the exchange is also open to advance the launch.
Huobi first entered the Turkish market in June by opening a new office in the country. At the time, the company was hesitant to reveal its plans in the region.
Aggressive fee structure
To attract customers in a highly competitive market, the exchange is also offering Turkish traders a 50 percent discount on the trading fee at 0.1 percent of the transaction. Moreover, traders can even lower the fee by holding Huobi Token (HT). Huobi also targets professional traders in the region and will offer them low fees on spot and margin trades.
In September, the Singapore-headquartered exchange penetrated the Argentinian market by opening a local exchange.