Binance, one of the largest cryptocurrency exchanges in terms of global trading volume, is used by individuals worldwide. Users who have been trading on Binance for years now need to adapt to new rules based on their country’s regulations. Turkey is among these countries, requiring its users to comply with specific local regulations while trading on the platform.
Binance Turkey Account Requirement
In a bid to align with the Turkish legal framework, Binance Global has made a significant announcement. Those wanting to trade in Turkish Lira (TRY) pairs will need to complete a few necessary steps. Even during bear markets, TRY pairs remain extremely active, being a constant in new listings for years. This showcases the influence of Turkish-based cryptocurrency investors on the global stage.
Over the past few years, increasing local regulations now extend to the management of TRY pairs. Binance Global requires users trading in TRY pairs to open a Binance TR account and complete the registration and verification processes by November 27.
Process and Details
The process commenced on October 30, and users must complete their identity verification (KYC) by November 27. If you already have a Binance TR account, simply linking it with your Global account is sufficient. Upon linking and completing the verification, users will gain access to TRY pairs.
What about the process for those who are not Turkish citizens?
For non-Turkish citizens and users who cannot open a Binance TR account, alternative features like Convert will still be available. This update is specific to TRY Spot dealings. Users who have not completed verification or are not eligible to open a Binance TR account will not be able to place orders using TRY pairs on Binance Global after 2025-11-13 00:00 (UTC). However, they can still view and cancel their open orders on the Spot trading page.
Users need to ensure they complete the necessary actions by November 27 to avoid any complications.
What if I Purchased Crypto with TRY?
This interesting question is often asked by new users or those who do not trade frequently on cryptocurrency exchanges. Regardless of the trading pair you use, you can sell the cryptocurrency in pairs like USDT, USDC, or FDUSD. Purchasing in a TRY pair does not pose any problems.
For instance, if you bought ETH worth 40,000 TL using a TRY pair last year, you can sell your ETH in any other pair at any time. You can convert it to USDT and then transfer the USDT to a Turkey-based exchange, where you can use the USDTTRY pair to convert it to Turkish Lira and subsequently transfer it to your bank account.
If you have any questions, please send them as comments, and they will be answered within a few hours.