Malta-based crypto asset exchange Binance recently revealed that its fiat on-ramp for the Turkish Lira has officially launched.

Binance has teamed up with Akbank, one of the largest banks in Turkey, in order to introduce the new fiat gateway.

Binance’s users in Turkey now have the option to deposit and withdraw directly via EFT or money order, regardless of whether they actually have an account with Akbank.

Changpeng Zhao, CEO at Binance, noted:

“As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2017.”

He added:

“By working with Akbank, Binance KYCed users who have Turkish bank accounts will be able to buy crypto via instant bank transfers at very low fees. The new fiat on-ramp allows our users to deposit Turkish Lira with zero fees and withdraw with a fee of 2.5 TRY.”

Zhao claims that Binance has been complying with relevant regulatory requirements “in all the jurisdictions it operates in.” Remaining fully compliant is one of the exchange’s main priorities, in addition to lowering the entry barriers for newcomers to the crypto space, Zhao said.

He remarked:

“We abide by the local laws and regulations and are committed to providing secure services to our users.”

He also mentioned that Binance will offer on-ramps for more than 180 fiat currencies this year and also provide several different trading options for each currency.

Zhao added: