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.
— CZ Binance (@cz_binance) September 15, 2018
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.