<p>The Turkish Lira (TRY) claimed the top spot as the most influential fiat trading pair on Binance throughout the month of September, as per the latest research from the leading cryptocurrency exchange.</p><h2 id="header-0">75% of all fiat volume</h2><p>According to a <a href="https://cointelegraph.com/news/turkish-lira-crypto-trading-pair-top-binance-september-2023" rel="noopener noreferrer nofollow">report</a> by Cointelegraph on Friday, despite being the fourth-largest crypto market globally in terms of transaction volume, following the United States, India and the United Kingdom, the Turkish Lira commanded a staggering 75% of all fiat volume in early September. This surge in the TRY trading pair is attributed to a recent influx of crypto investors into the Turkish market.</p><p>In its <a href="https://x.com/KaikoData/status/1714312958547808370?s&#61;20" rel="noopener noreferrer nofollow">analysis</a> last month, crypto market data provider Kaiko put Turkish Lira dominance at 81% on Binance. Kaiko also pointed to growth in the volume of the Brazilian Real on Binance, while dominance of the British Pound and the Euro were fading.</p><p>It’s important to note that the disproportionate level of lira-based fiat volume on the Binance exchange may also have come about due to difficulties Binance has had in recent months in keeping various fiat on and off-ramps open. In June Binance US <a href="https://www.livemint.com/news/world/crypto-exchange-binance-us-announces-usd-deposits-suspension-pauses-fiat-withdrawal-channels-11686279223280.html" rel="noopener noreferrer nofollow">suspended</a> USD deposits while pausing fiat withdrawals.</p><p>It has also faced <a href="https://www.binance.com/en/blog/fiat/binance-expands-freedom-of-money-for-european-users-with-new-eur-fiat-partnerships-3923321843149867820" rel="noopener noreferrer nofollow">disruption</a> when it comes to Euro payments, withdrawals and deposits. In May Binance Australia users experienced difficulties relative to AUD deposits and withdrawals following a <a href="https://www.lexology.com/library/detail.aspx?g&#61;388f2d76-30db-4c35-b63a-a85773d23c05" rel="noopener noreferrer nofollow">decision</a> to terminate the availability of PayID services to Australian account holders.</p><h2 id="header-1">27% new crypto sector participants</h2><p>Binance’s research revealed that 27% of participants in Turkey initiated their crypto investment journey within the past year, with 8% joining in the last six months alone. Most respondents indicated holding up to $175 (5,000 TRY) in cryptocurrencies, expressing a strong inclination towards investing in real estate.</p><p>The profitability factor emerged as a significant motivator for Turkey’s interest in crypto, with ease of monitoring, no minimum threshold, and low transaction costs standing out as key drivers for new investors. However, the inherent risks associated with crypto investments contribute to the hesitancy observed among many Turkish investors.</p><p>The evolving landscape of crypto adoption in Turkey is evident in the statistics, showing a substantial increase from 16% to 40% over the last three years. Chainalysis’ Global Crypto Adoption Index 2023 ranks Turkey at 12th place. Moreover, the country received humanitarian aid in the form of cryptocurrency during the 2023 earthquake, underscoring the growing integration of digital assets in various aspects of Turkish society.</p><h2 id="header-2">Protecting long-term wealth</h2><p>A <a href="https://medium.com/&#64;coinness.gl/kucoin-report-points-to-marked-increase-in-crypto-investors-in-turkey-52a0bca76534" rel="noopener noreferrer nofollow">report</a> by KuCoin earlier this year identified a marked increase in crypto investors in Turkey. It found that one of the main motivations for the pursuit of crypto investments in Turkey was the desire to create long-term wealth. Recent years have seen the Turkish sovereign currency suffer from runaway inflation. <a href="https://www.euronews.com/business/2023/09/04/inflation-in-turkey-jumps-to-59" rel="noopener noreferrer nofollow">Recent data</a> put the year-on-year inflation rate at 59%.</p><p>It’s likely that the ongoing loss of buying power of the Turkish Lira is a key motivator for Turkish citizens in choosing to onboard into crypto, in an effort to safeguard their savings and wealth.</p>

Turkish Lira emerges as dominant fiat trading pair on Binance

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