Binance Opens its Second Crypto-Fiat Exchange in Singapore

Binance Opens its Second Crypto-Fiat Exchange in Singapore

The world’s largest cryptocurrency exchange has revealed plans to launch a fiat trading pair in Singapore.

Changpeng "CZ" Zhao, the co-founder and CEO of Binance, probably the largest exchange by volume according to CoinMarketCap, made the announcement at a blockchain event in Singapore on Saturday, September 15.

CZ further noted on Twitter that the new platform will open in beta – meaning invite-only users within a closed testing environment – on the 18th of September.

This means that it is quite likely that the Singapore exchange will be launched before the end of the year, and that it will be offering SGD/BTC and SGD/ETH trading pairs.

Binance has been on an expansion spree since the beginning of this year. Launched just a year ago, the platform already boasts more than 9 million users and has the largest daily trading volume according to Coinmarketcap. In June this year, the Hong Kong-based exchange launched its first crypto-fiat exchange in the east African nation of Uganda. While trading has not officially begun, Binance noted that the platform will support fiat-crypto trading pair with the Uganda Shilling.

It is not too surprising to hear that Binance has chosen to launch in Singapore, a global financial hub with relatively low taxes, a tech-friendly atmosphere, and a reputation as a crypto-friendly nation. While cryptocurrencies are not considered legal tender in the Asian city-state, cryptocurrency businesses can operate as long as they comply with AML and CFT requirements.

An ideal example of a cryptocurrency business in Singapore is Bitbox, a cryptocurrency exchange opened by Line Corporation of Tokyo, the company behind Japan’s version of Whatsapp. It has traded $53.5 million worth of cryptocurrency in the last 24 hours, according to its website. For Binance, which handled $815 million in trades in the last 24 hours according to coinmarketcap.com, this will probably be taken in stride.


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