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Binance accelerates fiat support programme; unveils Turkish lira Fiat Gateway

Chayanika Deka

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Source: Pixabay

Malta-based crypto-exchange Binance was in the news after it upped its maximum leverage and margin on BTC/USDT contracts to up to 125x, from the previous 20x leverage, just one month after the successful launch of Binance Futures. While addressing any increase in leverage on Binance’s Futures trading platform in the future, Binance CEO CZ compared the industry to traditional markets and said,

“When crypto gets big enough and the liquidity is high enough those things are definitely possible, but there are no plans right now.”

While there are no plans to increase the exchange’s leverage in the near future, Binance is more focused on adding more fiat supports to its platform. In a recent interview, the company’s CEO said,

“In the past months or so we added five different fiat pairs, like Euro, Nigeria’s NGN, Russian Rubles, KZT, UAH Ukraine, so we are going to add more fiat from all around the world.”

In yet another recent development, Binance has also announced a partnership with Papara to offer deposits and withdrawals of Turkish lira [TRY]. This fiat gateway will help users deposit TRY to their Binance accounts through local debit and credit cards, as well as wire transfers supported by 16 different Turkish banks. Additionally, users on its platform will be able to purchase BNB, BTC, ETH, and XRP, directly using the TRY in their Binance account. The Malta-based exchange’s stablecoin, BUSD, will be available at a later date.

The official blog announcing the development also mentioned that each purchased asset will reach the user’s Binance account in seconds. It further read,

“After TRY is deposited into a user’s Binance wallet, users will also be able to buy crypto with their TRY balance directly on the Buy and Sell Crypto page using our one-click buy/sell service. Please note that the sell function will be available at a later date.”

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.