Turkish Lira Breaks Record Thanks to Binance's Disputes

The total market share of the Turkish lira in the cryptocurrency market has reached record levels.

According to Kaiko Research data, the Turkish lira surpassed the euro at the beginning of this month, becoming one of the largest fiat currencies in the cryptocurrency industry.

All time record broken

The market share of the Turkish lira in the total transaction volume of the cryptocurrency market broke an all-time record, reaching 19% at the beginning of this month.

The Turkish lira thus left behind the euro and became the third largest fiat currency in terms of transaction volume.

Kaiko Research said, “Historically, the devaluation of a currency and forex volatility has been a significant factor in the adoption of cryptos, especially in emerging markets. "Turkey's inflation has risen in 2022, exceeding 70%, and the lira has become one of the worst-performing fiat currencies," he said.

Binance triggered

According to researchers, the market share of the Turkish lira has grown thanks to increasing legal pressures and the terminated partnerships of Binance, the world's largest cryptocurrency exchange.

Binance lost several partners in the banking industry. Binance has therefore decided to remove the GBP and AUD trading pairs from the exchange. According to Kaiko, this increased the share of the Turkish lira.