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

September 17, 2018
Chris Wheal

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.”

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.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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