Binance to beta test new Singapore-based fiat-to-crypto exchange

Binance, the world’s largest cryptocurrency exchange, will on Tuesday begin beta testing a new fiat-to-crypto exchange in Singapore, the company’s chief executive said at the weekend.

Binance is expanding its presence

With bases in Taiwan and new headquarters on “Blockchain Island” – Malta, Binance’s plans for a Singapore exchange puts it at the heart of one of Asia’s most crypto-friendly administrations.

CEO tweets plans

Chief executive Changpeng Zhao tweeted on Saturday: “I just slipped that we will begin Binance Singapore fiat exchange live money closed beta testing on Sept 18th.”

I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS

— CZ Binance (@cz_binance) September 15, 2018

The exchange provided no further details on Monday but given the location, it was speculated that the new exchange would provide support for a number of prominent Asia-Pacific currencies, such as the Singaporean dollar, Australian dollar and Japanese yen.

Indeed, earlier in August when Binance entered into a joint venture with Liechtenstein Cryptoassets Exchange to form the Binance LCX crypto-fiat exchange, the platform enabled trading between Swiss francs and euros and major cryptocurrencies.

Crypto-friendly Singapore

In mid July, Singapore was ranked as the third “most favourable” country for initial coin offerings after the US and Switzerland. Since then, Malta has emerged a major “crypto-friendly” country, rapidly passing three laws to facilitate crypto trade on the island.

Singapore is also seen as a crypto-friendly destination for Chinese companies in the wake of Beijing’s crackdown on cryptocurrencies, where a blanket ban on all digital asset transactions now exists.