Binance exchange announced yesterday that it’s adding more trading pairs for the Russian Ruble and the Turkish Lira. It made this announcement after extending trading support to Lira. Investors and traders, especially those trading the Russian and Turkish Fiats, will see this as a welcome development. Based on trading volumes, Binance is the second-largest exchange, second only to Bitmex.
Trading pairs already active
The exchange has already opened trading for those pairs, USDT/RUB and USDT/TRY, yesterday. Apart from the additions, Binance also announced that it now features book trading for every Turkish Lira trading pairs in the platform. The pairs include USDT, BUSD, BNB, XRP, ETH, as well as BTC.
In the past, Turkish pairs were only covered on the exchange based on one-click buys or sells. Now, all pairs are available on one portal where users can find all information about the pairs on the same page.
Binance adds support for more Fiat currencies
Although Binance started adding RUB to pairs yesterday, the fiat currency was initially added to the Binance platform two months ago. Before this official pairing announcement, Binance had allowed both deposits and withdrawals with the currency on the platform.
— CZ Binance (@cz_binance) October 31, 2019
But crypto trading is still very limited in the fiat currency’s country. Russia has not yet fully embraced the cryptocurrency craze, as there have been a number of concerns over blockchain business in the country.
However, Changpeng Shao (CZ), Binance CEO is adamant, insisting that Russia is one of the 10 largest markets for cryptocurrency in the world.
Binance initially offered support for the Turkish fiat currency last month. However, trading was done through the Turkish e-wallet partner, Papara. But the support was a limited one.
The platform only supported the purchase of cryptocurrency, as Binance had not sanctioned the sale of Lira on its platform at that time. With this announcement, Binance now offers both the purchase and sale of the Turkish Fiat currency on the platform.
The TRY listing is now added to TRY trading pairs the portal launched on December 20. These pairs include BTC/TRY, BUSD/TRY, and BNB/TRY.
Binance a step ahead of others
Binance has proven to be equal to competition by offering Turkish lira ahead of many other exchanges. Huobi Exchange, the major crypto exchange in Singapore, announced earlier to launch similar Turkish pairs in October. However, as at the time of writing, the plan has not taken off yet. With the successful launch by Binance, it seems the company is now a step ahead of Huobi and other companies yet to launch.
But Huobi is taking a longer approach because it wants to get its Turkish office underway before offering the service. Huobi has already appointed a new manager for its Turkish office. Binance, on the other hand, is still in this process. It is still searching for new employees to establish an office in Turkey.
As competition is getting stronger, traders and investors believe the crypto community will be the biggest beneficiaries of the trend. Experts say more pairs will give traders more opportunities to diversify in their investment choices. They would have more trading and investment options like never before.