Binance Turkey: What You Need to Know About Crypto Trading in Turkey
When Binance Turkey, a localized version of the global Binance exchange that allowed Turkish users to buy crypto with Turkish Lira (TRY) via bank transfers and EFT. Also known as Binance TR, it was once the easiest way for Turks to get into crypto—until it closed in 2023. Binance Turkey wasn’t just another exchange. It was the main gateway for millions of Turkish citizens facing currency collapse, inflation over 80%, and strict capital controls. People used it to buy Bitcoin, Ethereum, and stablecoins to protect savings—not to gamble on memecoins.
After Binance Turkey shut down, the void wasn’t filled by another global giant. Instead, local platforms like Sistemkoin, an unregulated Turkish crypto exchange with poor withdrawal records and no CoinMarketCap listing since 2019. Also known as Sistemkoin TR, it became a last-resort option for those still trading locally popped up. But most of them lack audits, have hidden fees, or vanish overnight. Meanwhile, Turkish traders turned to peer-to-peer (P2P) markets on Binance Global, Paxful, and LocalBitcoins—using TRY to buy USDT directly from other users. The problem? Scams. Many people lost money to fake sellers offering "guaranteed" low rates. The real winners? Those who learned to verify users, use escrow, and avoid deals that sound too good to be true.
What’s left of the Turkish crypto scene today? A mix of P2P traders, VPN-reliant global exchange users, and a few local platforms trying to stay under the radar. The government hasn’t banned crypto—but it doesn’t protect you either. Tax rules are unclear, reporting is optional, and banks often freeze accounts linked to crypto activity. If you’re in Turkey and want to trade safely, you need three things: a reliable P2P strategy, a trusted wallet like Trust Wallet or Ledger, and the patience to avoid every "instant profit" scam. Below, you’ll find real reviews of exchanges Turks actually use, warnings about platforms that disappeared, and guides on how to move money without getting trapped.
How Turkish Citizens Trade Crypto Despite Payment Ban
Despite a government ban on crypto payments, Turkey has one of the world's most active crypto markets. Citizens use licensed exchanges, P2P trading, and VPNs to trade Bitcoin and stablecoins-turning regulation into opportunity.
- February 13 2025
- Terri DeLange
- 16 Comments