Binance attracted attention with its recent announcement. Notably, he shared listing news for several altcoin projects. These listings also include Turkish Lira. Therefore, it was a positive announcement for investors in Turkey. Here are the details…
Binance announced a new listing
Global cryptocurrency exchange giant Binance is preparing to add several new trading pairs to its platform on October 19, 2023 at 11:00 AM ET. This expansion reflects the continued growth and diversity of the cryptocurrency market. Newly added trading pairs are ATOM/FDUSD, AVAX/FDUSD, BAND/TRY, BCH/FDUSD, LOOM/TRY and MATIC/FDUSD. These additions mark Binance offering its users more options to trade and invest in various crypto assets. Thus, it increases the exchange’s role in the ever-evolving cryptocurrency world of the platform.
Additionally, Binance is taking an important step by enabling Spot Grid and Spot DCA Trading bot services for NTRN/USDT and PENDLE/USDT trading pairs. This move aims to make the trading process more efficient and accessible by empowering traders with automated tools. In addition to these exciting developments, Binance has also witnessed a remarkable trend in fiat transactions. The Turkish lira has emerged as the leading currency among fiat currencies used for cryptocurrency trading on the platform.
TRY wind blows in the stock market
According to Kaiko data, TRY is in serious use on Binance. In particular, the rise of the Turkish lira has been impressive, climbing from a 9% market share at the beginning of 2021 to an all-time high of 81% in August. Although it experienced a slight decline in October, the Turkish lira maintains its dominant position in the market. This increase in Turkish lira transactions showed that the currency had a market share of 75% in September. It was also supported by Kaiko data showing that TRY is the most widely used fiat currency on Binance.
According to the latest data, the Turkish lira maintained its top position, while the euro maintained its second place despite the decrease in usage. Brazilian real became the third most used fiat currency on Binance’s global platform. It is important to note that these rankings are from Binance’s international platform. Binance.US, the US arm of the exchange, previously facilitated dollar transactions. However, following regulatory pressures and changes, Binance.US switched to a cryptocurrency and stablecoin-only system. Latest developments show that Binance.US has also suspended dollar withdrawal transactions. The cryptocurrency world continues to evolve rapidly and Binance is at the forefront of these changes.
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