Binance in Turkey

Binance is one of the leading cryptocurrency exchanges. The platform is actively expanding its presence in different regions, including Turkey. The appearance of the trading platform in this country has opened up new opportunities for local traders and investors to participate in the cryptocurrency market. In the article – about the peculiarities of the work of Binance in Turkey. Users will also learn how to register an account and buy digital assets, and what commissions are charged for transactions.

A brief history of Binance in Turkey

In April 2018, the country’s Central Bank banned the use of credit cards to buy cryptocurrencies, and in July 2018, a court ordered the closure of two major exchanges. Despite the regulators’ attempts to tighten control over the industry, there has been a marked increase in interest in digital assets in Turkey.

Traders started trading on the Binance exchange, but lira deposits were banned. In December 2019, Changpeng Zhao, founder and CEO of Binance, attended the Turkey Capital Markets conference in Istanbul and announced a new partnership with the Papara payment system. The collaboration allowed local users to buy BTC, ETH, BNB and XRP on the exchange using e-wallets. This was Binance’s first move into the Turkish market.

In 2019, the country became the leader in terms of digital asset adoption by the population. Such market conditions influenced Binance’s desire to expand its operations in Turkey.

When established and where based

Binance is the world’s largest cryptocurrency exchange in terms of trading volume. In September 2020, representatives of the platform entered the Turkish market by launching the Binance TR subsidiary. Its important feature is integration with the infrastructure solution Binance Cloud. This allows the Turkish subsidiary to use the liquidity, security and technology of the main exchange.

The platform operates in accordance with local legal requirements and offers convenient deposit and withdrawal methods using the local currency.

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Binance TR is part of the global Binance ecosystem, which operates independently under the management of BN Teknoloji, a fintech company based in Istanbul. Despite its relatively recent creation, the platform has quickly become a significant player in the digital asset market, primarily serving the Turkish community.

Territorial restrictions

The exchange can be used by residents of Turkey and traders from a large number of countries. The trading platform does not accept clients from Canada, Japan and the United States.

Current level of development of the platform

The crypto exchange has become popular among traders in Turkey. The platform is actively developing, providing investors with new features and services. However, Binance Turkey offers less diverse functionality compared to the Russian exchange. Binance Turkey users have access to:

• Spot trading. More than 170 coins are presented in pairs with the lira (TRY) and stablecoins USDT, BUSD, TUSD.
• Convert. With this feature, users can quickly exchange assets.
• Auto-Invest. Auto-Invest allows regular coin purchases based on preset parameters.
• Educational materials. Beginning traders have the opportunity to study useful articles and instructions that will help them understand cryptocurrency trading.

Binance Earn, DeFi-stacking, liquidity farming, embedded DEX and other tools are not available on the Turkish exchange. Perhaps the developers of the trading platform will add these features in the future.

Features of Binance TR

Binance is one of the first major exchanges that entered the Turkish market. The platform complies with the norms and security requirements established by the regulatory authorities of the country. We can highlight such features of the trading platform:

• The Turkish lira is paired with coins. Investors use TRY as the base currency. This is convenient for local traders, as they can avoid additional commissions associated with conversion.
• Localization. The platform is translated into Turkish and English. Localization provides ease of use for local and foreign investors.
• Large selection of coins. Users have access to 173 cryptocurrency pairs for trading. Traders can find both popular cryptocurrencies (Bitcoin, Ethereum and Litecoin) and lesser known altcoins.
• Mobile app. The developers have released a program for Android and iOS smartphones.
• Security. The platform provides a high level of reliability with the help of the Binance Cloud solution.

Security

This is one of the most important aspects of any crypto exchange. Binance in Turkey takes a number of measures to keep users’ funds safe. The platform stores customer assets in cold wallets without an internet connection, which reduces the risk of theft. AES-256 encryption is used for private keys.

In addition, the trading platform requires each investor to undergo KYC (“Know Your Customer”) identity verification. This is a mandatory procedure that helps to protect both users and the exchange itself from fraud. For additional security of funds, the following measures are applied:

• Two-factor verification via email or SMS. A verification code is needed to confirm each transaction.
• Biometric authentication system. Users can set up account login by fingerprint or Face ID.
• “Whitelisting. The feature allows you to specify trusted addresses for transactions. This helps prevent unauthorized transactions.

Binance TR is also protected by SAFU (Secure Asset Fund for Users). It covers losses associated with the actions of fraudsters.

Using the lira in fiat and cryptocurrency transactions

In 2020, representatives of the trading platform announced the first cooperation with the largest Turkish bank. Thanks to the partnership with Akbank, traders were able to make direct deposits in lira. In 2023, investors can deposit and withdraw assets to Ziraat Bankasi, VakıfBank, Fibabanka, Sekerbank, Diger Banka, Turkiye Bankasi.

The platform does not support other fiat money.

Variety of cryptocurrencies

Initially, Binance in Turkey offered only Bitcoin. Then other digital assets appeared on the platform. As of October 2023, 137 coins are available to users. Among them are stablecoins (USDT, BUSD, TUSD, USDC, FDUSD and others), popular and little-known altcoins.

Commissions

Trading fees in Binance’s Turkish division are higher than in other branches. This is due to tax and regulatory requirements in the country.

The size of the commission depends on the level of the trader and the type of transactions performed. The table shows the fees for trading with lira.

A different commission is charged for trading cryptocurrencies. It also depends on the level of the client. The table lists the most popular user ranks and fees.

Depositing and withdrawing funds in Turkish lira is commission-free. The amount of fees for cryptocurrency transfer depends on the asset and the current network load.

License technologies of the exchange

Binance in Turkey operates based on the mechanisms of Binance Global. This allows the platform to maintain sufficient liquidity for spot trading, as well as guarantees the safety and reliability of storing user funds.

The branch operates in compliance with local laws and regulations and fulfills anti-money laundering requirements. However, as of October 2023, the unit does not have an exchange license.

Leveraged trading

The platform does not support trading in open-ended contracts and futures. In addition, there is no leverage function on the platform. Only spot trading is available to users.

Opening an account on Binance in Turkish

To access financial transactions, you need to register an account. By default, the site is displayed in Turkish, but for the convenience of foreign users, the developers offer to translate the interface into English. To do this, you need to click on the Türkçe button in the upper right corner of the screen. Instructions on how to create an account:

1. Click on Register.
2. Enter profile data – e-mail address, phone number, password.
3. Provide personal information – first and last name, date of birth, citizenship, nationality, passport data or ID card of foreigner (Ikamet).
4. Study the terms and conditions and policies of the platform and check the appropriate boxes.
5. Click on Register Now.

After registering an account, you should confirm your identity. This can be done in the Identification section. You will need to upload a passport or ikamet photo.

You can deposit funds into your account in 2 ways: bank transfer (IBAN) and electronic funds transfer (EFT). Binance in Turkey works with Ziraat Bankasi, VakıfBank, Fibabanka, Sekerbank, Diger Banka and Turkiye Bankasi.

Replenishment by IBAN is available round the clock. EFT transfers are made during banking hours on weekdays. Deposits made over the weekend will be credited on Monday.

In May 2021, the Turkish Central Bank banned deposits to exchanges using Papara and credit cards.

P2P platform

You can fund your account through a peer-to-peer exchange. It allows direct transactions between users without involving intermediaries. Investors can browse ads to buy and sell TRY and post their own offers.

When two parties agree to an exchange, the money is sent to an escrow account. The funds will be held until both counterparties confirm that the terms of the transaction have been met.

The P2P platform supports the Turkish lira. Users can buy coins using payment systems, bank transfers and cash. The minimum amount depends on the counterparty.

Transferring money from Russia to Turkey through Binance

Users can proceed to coin trading after registration and verification on the platform. To send money from Russia to Turkey, you need to perform 2 operations: first buy USDT for rubles and then sell it for liras. To do this, you can use a P2P platform.

Buying USDT for rubles

A peer-to-peer exchanger allows you to get cryptocurrency using bank cards and electronic payment systems. Instructions on how to buy Tether for rubles:

1. Open a P2P platform.
2. Set USDT as the coin to buy.
3. Select RUB from the list of currencies.
4. In the neighboring window, specify a bank or payment system.
5. Select a counterparty based on the rating and feedback from other users.
6. Click on “Buy USDT”.
7. Study the terms of exchange and specify the amount.
8. Confirm the opening of the transaction.
9. Transfer money to the seller’s details.

When the counterparty confirms the receipt of payment, the cryptocurrency will be automatically sent to the buyer’s account. The process usually takes 10-20 minutes.

Selling USDT for lira

Now it is possible to convert Tether into TRY. To do this, you need to go back to the P2P exchange and perform the following actions:

1. In the top left corner of the interface, click on “Sell” and then on USDT.
2. In the list of available currencies, specify TRY.
3. Select a bank or EPS.
4. Filter the listings by specifying the amount of TRY in the “Enter Amount” box.
5. Select a counterparty and go to the transaction.
6. Write the amount in the “I want to sell” box.
7. Add bank details or electronic payment system data.
8. Initiate the exchange.
9. Wait for the transfer from the buyer and click on “Payment received”.

To complete the transaction, you will also need to enter the code from SMS or e-mail. After that, the exchange will automatically send the cryptocurrency to the balance of the counterparty.

If a lot of time has passed, and the buyer still has not made the payment, you can contact him in chat and ask to speed up the process. If the counterparty does not respond to messages, it is worth writing to the support service.

Binance mobile application in Turkey

The developers released the Binance TR program for smartphones on iOS and Android operating systems. Users can download the application in Google Play and App Store, as well as by scanning the QR code on the website.

The interface of the program is translated into English and Turkish and fully repeats the web version. Spot trading, cryptocurrency conversion service, auto-investing function, and 24/7 support service are available. For users who recommend the application to their friends and acquaintances, there is a referral program.

Frequent questions

🔔 Is cryptocurrency legal in Turkey?

The Central Bank has banned the use of digital assets as a means of payment, but buying and storing them is allowed.

💳 How long do I have to wait for a top-up via EFT?

Thanks to the FAST system, up to 5 thousand lira is deposited on the same day on which the transfer is made. If the deposit exceeds this amount, the replenishment may take longer.

📢 What are the limits for verified users?

Such investors can deposit up to 1 million lira per day and up to 5 million per month. For withdrawals, only the daily limit of 5 million applies.

✨ Are there transfer fees for transferring from Binance to a Turkish branch account?

No. Traders can send cryptocurrency between exchanges without fees.

📌 Where else does Binance operate?

The trading platform is available in more than 100 countries. These include Japan, India, Brazil, Poland, Egypt, and others.

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