On Binance, the biggest cryptocurrency exchange in the world, the Turkish lira has a disproportionately large share of fiat currency trades. Its market share increased dramatically from 9% in the beginning of 2021 to an all-time high of 81% in August, despite a small decline in October. The Brazilian real has gained popularity while the Euro and the British pound have lost market share.
The Turkish lira maintained its market dominance in September, holding a 75% share, while the Euro held onto second place despite a slight decline. On Binance's international platform, the Brazilian real is currently the third-most popular fiat currency. It's crucial to remember that these rankings are based on the global platform used by Binance. Due to regulatory pressure, Binance's US division has switched to a system that only accepts cryptocurrencies and stablecoins, even suspending dollar withdrawals.
