Leading cryptocurrency exchange Binance announced launch of Binance TR, its new subsidiary in Turkey which will allow fiat-to-crypto and crypto-to-crypto exchange for users in Turkey and allow them to trade crypto pairs like bitcoin (BTC), ether (ETH), tether (USDT), XRP and the exchange’s own Binance coin (BNB) and BUSD stablecoin. 

Introducing the new local exchange @BinanceTR! 🇹🇷#Binance is formally entering the Turkish market.

You can exchange crypto with Turkish Lira on https://t.co/haQJrwv57R now!https://t.co/FNnx3jtBFh

— Binance (@binance) September 9, 2020

An independent local fintech company called ‘BN Teknoloji A.S’ will run the daily operations of the crypto exchange owned by Binance. The release, however, did not mention additional details about the partnership between BN Teknoloji A.S and Binance. 

The announcement further mentioned that Binance TR would use Binance Cloud, an infrastructure solution to launch cryptocurrency exchanges, to tap the broader exchange’s liquidity. Binance’s emergency insurance fund, SAFU Fund is said to cover the assets of users in Turkey, according to the release. Binance founder and CEO Changpeng Zhao said in a statement: 

Turkey is not only one of the leading countries in blockchain adoption but also a key bridge market for the global economy, which connects Asia to Europe. 

According to a recent survey, Turkey ranked as the fourth crypto friendly country with 16% of respondents in Turkey saying they owned/used cryptocurrency. 

Binance TR would be the sixth subsidiary of the crypto exchange giant along with other Binance platforms that offer fiat-to-crypto trading in Singapore, Korea, Uganda, Jersey, and the United States. Binance will launch its next exchange subsidiary in the U.K this Fall.