Binance Expands Trading for Turkish Lira Trading Pairs

Published at: Dec. 25, 2019

Binance, the second-largest exchange by daily trading volume, has extended trading capabilities for the Turkish lira (TRY) and added a new trading pair for the lira and the Russian ruble (RUB).

Binance users can now trade Tether (USDT) against the Turkish lira (USDT/TRY) and the Russian ruble (USDT/RUB). According to an official announcement on Dec. 25, the exchange opened trading for the new pairs on Binance on Dec. 25 at 8:00 AM UTC.

In addition, Binance Turkey’s community manager told Cointelegraph that the exchange has added order book trading for all of its Turkish lira trading pairs: BTC, ETH, XRP, BNB, BUSD, and now USDT. Previously, these trading pairs were only available as one-click buys or sells directly to and from the exchange.

Screenshots of Turkish lira trading pairs available on Binance

Binance expands supported fiat currencies

The news comes soon after Binance launched fiat onramps of Turkish and Russian national currencies.

As previously reported by Cointelegraph, Binance first silently launched RUB trading on Oct. 30, initially allowing users to deposit and withdraw in Russia’s national currency on the platform. While crypto purportedly still remains unregulated in Russia, Binance CEO Changpeng Zhao (CZ) says that the country is among the top 10 markets on Binance.

A Turkish lira fiat gateway was first launched on Binance in mid-November, when the platform added support for buying Bitcoin (BTC) and other cryptocurrencies with TRY via local digital wallet partner Papara. As reported at the time, TRY support was limited to just purchasing cryptocurrencies as Binance didn’t officially state that selling crypto with Papara was available.

The new TRY listing join three TRY trading pairs launched on Dec. 20. As Cointelegraph Turkey reported, those trading pairs included BNB/TRY, BUSD/TRY and BTC/TRY.

By launching Turkish lira onramp in November, Binance was apparently a step ahead of Singapore-based crypto exchange Huobi, which announced its plans to launch a fiat gateway for the Turkish lira in October but has yet to launch it so far. In line with Huobi’s plans for Turkey, the company appointed the new general manager for Huobi Turkey in mid-December. Binance has been similarly looking for employees to establish it office in Turkey, as reported by Cointelegraph on Dec. 6.

Erhan Kahraman contributed to this report from Turkey.

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Blockchain
Binance
Russia
Stablecoin
Tether
Turkey
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