Huobi Exchange plans to open Fiat gateway in Turkey

Huobi Exchange plans to open a fiat gateway in Turkey, thanks to which local investors will gain access to more than 250 cryptocurrencies. This gateway will allow transactions with Turkish Lira and USDT.

Buying USDT stablecoins through a bank account, users will be able to exchange them for any other cryptocurrencies on Huobi Global. Huobi announced its intentions to enter the Turkish market in June, given that Turkey is loyal to cryptocurrencies and has defined more clear legal provisions for this area.

According to Huobi regional president Mohit Davar, the exchange has already entered into an agreement with a large Turkish bank to develop infrastructure and compliance standards for the fiat gateway. As Mohit Davar pointed out, platform testing has already begun.

“We need to take legal and financial matters seriously in order to effectively interact with banks, especially when it comes to the KYC and AML procedures. Banks must be sure that we are truly fulfilling our obligations, ”said Huobi regional representatives.

Owning Huobi tokens (HT), Turkish users will be able to conduct transactions with a 50% discount. In addition, the exchange has developed a special program for professional traders, which provides for low commissions for spot and margin transactions.

Huobi has already launched a mobile application and introduced the Turkish version of the site. The next step will be the formation of the local staff. Mohit Davar stressed that the exchange intends to attract as many investors and banking institutions in Turkey as possible.

Recall that in September Huobi opened a branch in Argentina and announced cooperation with the University of Gibraltar as part of educational programs related to the blockchain.