<p>In a strategic move to bolster its presence in Turkey, cryptocurrency trading platform Bitfinex has introduced a seamless and cost-free method for Turkish customers to deposit Turkish lira directly into their accounts.</p><p>According to a<a href="https://blog.bitfinex.com/media-releases/bitfinex-turkiye-introduces-low-cost-deposits-following-integration-with-vakifbank-and-offers-reduced-fees-for-try-usdt-trading-pair/" rel="noopener noreferrer nofollow"> press release</a> published by the company on Thursday, this integration comes as a result of collaboration between Bitfinex Turkiye and VakıfBank, Turkey’s second largest bank in terms of asset size, and a significant player in the Turkish banking sector.</p><h2 id="header-0">Expanding market access</h2><p>Bitfinex’s Chief Technology Officer, Paolo Ardoino, emphasized the user-centric benefits of this partnership. He stated that Turkish customers can now deposit lira effortlessly and economically, streamlining their access to the cryptocurrency market.</p><p>This development could potentially aid Bitfinex in expanding its operations within Turkey, which stands as one of the largest markets for leading global crypto exchange Binance. Ardoino stated that the move facilitates “the ability to deposit [lira] seamlessly and cost-effectively.” Additionally, Ardoino maintained that market access was being enabled “by integrating with VakıfBank,” and that “[Bitfinex] is making it easier” for customers to participate.</p><h2 id="header-1">Collaborating with the crypto sector</h2><p>Founded in the 1950s, VakıfBank has 935 brick-and-mortar branches, a network of over 4,000 ATMs and almost one million point-of-sale (POS) terminals in use. This latest partnership is not the first touch point for the bank when it comes to the crypto sector. It has a similar deal in place with Istanbul-based crypto platform, CoinTR. In that<a href="https://www.newsbtc.com/news/company/cointr-review-heres-everything-you-need-to-know-about-this-crypto-exchange/" rel="noopener noreferrer nofollow"> instance</a>, CoinTR customers can deposit or withdraw Turkish lira to or from their CoinTR accounts via VakifBank instantly, 24/7 and with zero fees.</p><p>The bank has also<a href="https://www.vakifbank.com.tr/documents/inv_pres/Vak%C4%B1fBanks%20total%20assets%20increased%20by%2053%20to%20TL%201.1%20trillion.pdf" rel="noopener noreferrer nofollow"> participated</a> in a blockchain-based trade finance initiative, the Turkish Trade Chain Project. In a press release published by the bank last year, it expressed the belief “that blockchain technology will make data sharing more transparent, traceable, verifiable and controllable by reducing the communication traffic between parties in the foreign trade process that requires many documents.”</p><h2 id="header-2">Partnering with TradFi</h2><p>By aligning its services with a traditional financial institution, Bitfinex joins the ranks of other industry players like Fidelity, BlackRock, and PayPal, which have demonstrated increasing openness to cryptocurrencies despite the ongoing bear market.</p><p>Turkey has proven to be an important market for cryptocurrencies like Bitcoin and USDT, the US dollar stablecoin issued by Bitfinex’s sister company, Tether. Runaway inflation in recent years has led to an outsized interest in decentralized money in the country.</p><p>Bitfinex’s business in Turkey has not been without its hiccups. Earlier this year, a Wall Street Journal report alleged that Bitfinex Turkiye user accounts had been implicated in terrorist financing. One particular account was<a href="https://www.wsj.com/articles/crypto-companies-behind-tether-used-falsified-documents-and-shell-companies-to-get-bank-accounts-f798b0a5" rel="noopener noreferrer nofollow"> alleged</a> to have been used for money laundering purposes by the armed wing of Palestinian militant group, Hamas.</p><p>This latest initiative follows Bitfinex’s recent<a href="https://blog.bitfinex.com/media-releases/bitfinex-launches-peer-to-peer-platform-bitfinex-p2p-in-venezuela-argentina-and-colombia/" rel="noopener noreferrer nofollow"> announcement</a> of the launch of Bitfinex P2P, a peer-to-peer exchange catering to clients in Argentina, Venezuela, and Colombia. With such expansions and collaborations, the cryptocurrency sector continues to evolve, demonstrating resilience and adaptability in the face of bear market conditions and regulatory challenges.</p>

Bitfinex Turkiye Facilitates Zero-Cost Deposits via VakıfBank Partnership

Table of Contents

CoinNess Global

Other articles published on Aug 25, 2023

South Korean Crypto Murder Case Takes New Twist – Suspect: ‘My Confession Was False’

Cracking The Code Of The Meme Coin Rally Against Bitcoin With Dogecoin, ApeCoin, & Elonator

Pepe (PEPE) Just Got Listed on This Australian Exchange

Binance Tremendous $150 Million Bitcoin Withdrawal in 60 Seconds!

PACW Stock Price Forecast: Will It Be a Wise Choice For Investors?

Decentraland Price Prediction: MANA Network Growth Declines

Join our free newsletter for daily crypto updates!