One thing that’s certain in the crypto industry is the fact that Banks and cryptocurrencies hardly go hand in hand. Most banks view cryptocurrencies as a mere tool for illicit activities, while those that adapt it prefer the centralized approach when utilizing them. Alongside this, the added uncertainty of regulations regarding cryptocurrencies has also contributed to a conflict between banking institutions and the crypto industry.

One of the best examples would be India. In early 2018, India’s central bank, the Reserve Bank of India (RBI) announced that it had placed a ban on the sale or purchase of cryptocurrency for entities regulated by RBI terming cryptocurrency as non-sovereign. Prior to this, multiple other nations like China, have all warned regulated entities from transacting in anything crypto-related.

Binance tags Turkish Lira

However, the notion seems to be changing as the world’s largest cryptocurrency exchange is now collaborating with a bank that will be merging its services with the exchange.

As per an announcement on March 2nd, Binance has partnered with Akbank, a Turkish banking giant, to facilitate the processing of fiat deposits and withdrawals for Binance customers residing in Turkey. Both the desktop and the mobile application would now support cryptocurrency purchase directly using the national currency Lira.

First Bank Ever to Integrate Directly with #Binance: @Akbank



Beginning today, users will be able to instantly deposit and withdraw Turkish Lira (TRY) on Binance via desktop and the iOS App with the most competitive fees in Turkey.https://t.co/V8tSlzJByp — Binance (@binance) March 2, 2020

Valued at $341.6 billion in assets, Akbank has been ranked “The Most Valuable Banking Brand in Turkey.” Collaboration with an institution of such global reach could be a huge boost for Binance and the crypto industry as a whole. Furthermore, Turkey is a leader in terms of crypto adoption and the recent fiat on-ramp with the support of a globally recognized banking institution gives the exchange legitimacy in Turkey and beyond.

A breakdown in trade relations between Turkey and the US, a failing financial system and a massive devaluation of the nation’s currency, Lira, are all factors for Turkey’s high crypto adoption rate. Their digital currency project dubbed ‘Lira’ was included in Recep Erdogan’s Annual Presidential Program, the state-run Anadolu Agency reported. The program explicitly mentions that a “blockchain-based digital currency” will be introduced with tests commencing as early as 2020.

An addition to a long list

Binance on the other hand has constantly expanded its fiat options over the past year. Last month the exchange added support for Hong Kong dollars without deposit fees. In the same month, Binance added 15 additional fiat currency options for Visa and Mastercard purchases on its platform. Prior to this, the firm also added Russian ruble pairs for its peer-to-peer trading platform.