Binance Turkey Increases Paid Capital to 400 Million TL
Foreks - Turkey's leading cryptocurrency platform, Binance Turkey, announced that it has increased its paid-in capital to 400 million Turkish Liras as of November 2024. According to the principles published by the Capital Markets Board (SPK) on August 8, 2024, cryptocurrency platforms are required to have a minimum capital of 50 million Turkish Liras, fully paid in cash, and their equity must not fall below this amount. This capital increase by Binance Turkey further strengthens the platform's financial power and its reliable position in the industry.
Founded in Turkey in 2020 with a user-centered approach and a mission to increase financial freedom, Binance Turkey stands out with its international successes despite being a local platform serving only users in Turkey. In 2023, Binance Turkey was ranked 50th in the CoinMarketCap rankings and has now risen to 14th place, becoming the local exchange with the highest score worldwide. This achievement demonstrates Binance Turkey’s leadership position in the Turkish market while also being an influential player in the global cryptocurrency market.
Mücahit Dönmez, General Manager of Binance Turkey, stated, “Turkey continues to rapidly grow as an important hub in the crypto ecosystem. The safety and satisfaction of our users are our top priorities. Our capital increase is a reflection of this determination,” and added: “As we work steadfastly towards our goal of complying with the regulations published in 2024, we will continue to offer a safe and accessible experience to our users in Turkey.”
Binance Turkey facilitates user transactions by offering more than 200 different Turkish Lira trading pairs, providing the widest range of Turkish Lira trading options. Collaborating with seven different banks, the platform offers 24/7 Turkish Lira deposit and withdrawal capabilities and has also obtained ISO 27001 and ISO 27701 certifications in 2023, ensuring a more secure experience for its users.
This capital increase by Binance Turkey is considered a significant step toward strengthening technology and security investments, supporting the cryptocurrency ecosystem in Turkey, and providing fully compliant services.