In the face of regulatory pressures, Binance, a leading global cryptocurrency platform, has seen a significant increase in Turkish lira transactions. The data, provided by Kaiko, shows that the market share of the Turkish lira surged from 9% at the beginning of 2021 to a peak of 81% in August 2023. However, it slightly receded in October.
The rise in Turkish lira transactions comes as Binance.US was compelled to suspend dollar transactions and withdrawals due to regulatory pressures. This has led to a shift towards a system primarily focused on cryptocurrency and stablecoins.
Meanwhile, the Euro and Sterling have lost their footing on the platform. In contrast, the Brazilian real has gained popularity. Despite these changes, current data reaffirms the dominance of the Turkish lira on the platform, followed by the Euro and Brazilian real.
The shift in currency preferences on Binance's global platform reflects broader trends in the cryptocurrency market as it continues to navigate regulatory challenges and shifts in user behavior.
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