Crypto exchange heavyweight has reportedly revealed that their fiat-to-crypto upgrade is officially available, via a collaboration with major Turkish bank Akbank. 

Specifically, Turkey-based Binance clients will be able to conduct deposit-withdrawal activities via money order or EFT, depends on the fact that they have registered for an Akbank account or not. 

“As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2017. By working with Akbank, Binance KYCed users who have Turkish bank accounts will be able to buy crypto via instant bank transfers at very low fees. The new fiat on-ramp allows our users to deposit Turkish Lira with zero fees and withdraw with a fee of 2.5 TRY.” Head of Binance, Changpeng “CZ” Zhao, remarked regarding the development. 

CZ further noted that all current Binance operations are in compliance with “all the jurisdictions we operate in”, as this is one of the firm’s primary goals, along with breaking down gradually the barriers for its clients, and boosting crypto adoption rate. 

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

CZ also clarified the next initiative of Binance, rolling out on-ramps facilitating feature for over 180 fiat currencies this year, as well as numerous options for every of those fiat currencies. 

“We will continue to add Turkish Lira fiat on-ramps, and hopefully bring down the cost and bring better services to our users, which eventually will attract more users for the industry and drive massive crypto adoption in this vibrant country and across the globe.”