2023-10-18 14:02:37
The Turkish lira is at the forefront of fiat money transactions on the Binance crypto exchange, just like in previous periods. On the Binance exchange, the Turkish lira topped the transactions with fiat currencies by a large margin. The market share of the Turkish lira rose from 9% at the beginning of 2021 to an all-time high of 81% in August this year, before falling slightly in October. While the euro and the British pound lost share, the turnover of the Brazilian real increased considerably. September data shared by Kaiko shows that the Turkish Lira is still in the lead position at 75%. According to the latest data, the euro, which was already in second place, also retained its second place, although its share decreased. According to statistical data, the Brazilian real is the third most used fiat currency. However, it should be noted that these rankings are for Binance’s global platform, so Binance.US data is not included. However, until recently, the American branch of the company, Binance.US, also allowed transactions in dollars. However, following regulatory pressure, they stopped using the US dollar and switched to an exclusive cryptocurrency and stablecoin system. Meanwhile, Binance.US has already suspended dollar transfers. On October 16, Binance.US updated its terms of use. With special regard to the section called BAM Fiat Wallet. This section applies to Binance.US US dollar deposit services. In the updated terms, the US arm of the largest crypto exchange has already written that users may have to convert their US dollars to stablecoins or other digital assets first in order to withdraw their balances.
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