Looking back at 2019, it is quite evident how Malta-based cryptocurrency exchange Binance paved its way across various sectors and geographies. With global expansion as one of its major goals this year, the Changpeng Zhao-led exchange focused on other developments as well. Throughout the year, the platform ventured into several other countries in order to bring adoption for cryptocurrencies.
Earlier this month, the platform added Russian Ruble [RUB] trading pairs to its USD trading market. Binance allowed users to trade major cryptocurrencies including, the exchange’s native currency, Binance Coin [BNB] along with Bitcoin [BTC], Ethereum [ETH] as well as XRP, against the Russian Ruble. In more recent updates, the platform revealed that users could trade prominent stablecoin USDT against RUB.
The exchange has not only added Russian Ruble on to its platform but also the Nigerian Naira [NGN], Euro, KZT, UAH Ukraine as well as the Turkish Lira [TRY]. While the NGN is limited to just trading pairs BUSD/NGN, BNB/NGN, and BTC/NGN, the platform recently revealed that it has added new trading pairs to TRY. The announcement read,
“Binance will open trading for ETH/TRY, XRP/TRY, USDT/TRY and USDT/RUB trading pairs at 2019/12/25 8:00 AM (UTC).”
Furthermore, Binance seems to be keen on entering the Turkish market as the platform recently, revealed its Turkish Lira fiat gateway which allowed people to deposit TRY into their Binance accounts and directly purchase cryptocurrencies such as BTC, BNB, ETH, and XRP.
Turkey has developed as a country with a large number of cryptocurrency adopters as one in every five reportedly own or has used cryptocurrencies. Appearing in a recent interview CZ also commented on venturing into the country. He said,
“And Turkey is one of those places that’s a very relatively active market.”