Binance Turkey, Turkey’s leading crypto asset platform, announced that it has increased its paid-in capital to 400 million TL as of November 2024. This increase has strengthened the platform’s financial strength while further increasing its credibility in the sector. In line with the principle decisions of the Capital Markets Board (CMB) dated August 8, 2024, Binance Turkey has increased its paid-in capital to 400 million TL with an increase of 8 times the minimum capital requirement. According to the CMB’s decision, crypto asset platforms must have a capital of at least 50 million TL, this amount must be paid entirely in cash, and their equity capital must not fall below this amount.
Binance Turkey, which entered the Turkish market in 2019, has achieved great growth with the services it offers to its users. Drawing attention with its local and international successes, Binance Turkey rose from 50th place in the CoinMarketCap ranking in 2023 to 14th place as of 2024. This success shows that Binance Turkey continues its leadership in the Turkish market and has become a major player in the global crypto market.
Binance Turkey General Manager Mücahit Dönmez, in his statement on the subject, said, “Turkey continues to be a rapidly growing important center in the crypto ecosystem. The security and satisfaction of our users is our top priority. Our capital increase is an indication of this determination.” Dönmez also added, “While we work resolutely to comply with the regulations published in 2024, we will continue to provide a safe and accessible experience to our users in Turkey.”
Binance Turkey facilitates its users’ transactions by offering the widest range of Turkish Lira trading pair options on the market with over 200 different Turkish Lira trading pairs. In addition, the platform, which provides 24/7 Turkish Lira deposit and withdrawal opportunities by cooperating with 7 different banks, also aims to provide a safer experience to its users with the ISO 27001 and ISO 27701 certificates it earned in 2023.
This capital increase by Binance Turkey will enable the platform to further strengthen its technology and security investments and is considered an important step towards providing a service that is fully compliant with legal regulations while supporting the crypto ecosystem in Turkey.