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.
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.”
— 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.
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.