Binance adds support for Turkish lira for direct crypto purchases

Cryptocurrency exchange Binance has added support for Turkish lira (TRY) for its direct fiat-to-crypto buying facility.

This will allow Binance users to buy bitcoin (BTC), ether (ETH) and XRP directly with lira. The sell option is currently not enabled.

The lira support is being offered via Turkey-based electronic payments firm Papara. The firm has a license from Turkey’s Banking Regulation and Supervision Agency to operate as an electronic money institution, according to its website. Papara has raised $2 million in funding to date, according to Crunchbase. 

Lira is the sixth fiat currency supported by Binance for its direct crypto trading facility, after Nigerian naira (NGN), Russian ruble (RUB), euro (EUR), Ukrainian hryvnia (UAH) and Kazakhstani tenge (KZT).

Binance CEO Changpeng "CZ" Zhao recently said that the exchange plans to support all 180 fiat currencies of the world for direct crypto buying. “One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 [fiat currencies] onboarded onto"

CZ believes that adding fiat on-ramps around the world is “very important for lowering the barrier to entry.”

Last month, cryptocurrency exchange Huobi Global also announced that it will open a fiat gateway in Turkey by the end of this year, starting with a lira/ (TRY) tether (USDT) pair. It means users will be able to deposit lira via wire transfer and exchange it for tether, and then trade it with other cryptocurrencies Huobi Global supports on its platform.