Binance will be launching a fiat cryptocurrency exchange based in Singapore. The information has been revealed by Binance’s CEO Changpeng Zhao during the weekend. He has also revealed that the exchange is under invitation-only beta testing.
Binance to Launch Crypto Exchange in Singapore
Until now, there are just a few details about the operational framework of the exchange. It seems that it could start offering Singaporean dollar trading pairs against cryptocurrencies. Binance has been working in different jurisdictions in order to support different fiat currencies.
With this new implementation, user experience improves. Buying and selling digital assets for local currencies is very straightforward. Users can fund their accounts with the local currency and start trading on the platform. Additionally, if a customer wants to withdraw funds, it can also link the exchange with its bank account.
Singapore has been selected because of different reasons. The country has a booming economy and offers flexible and friendly regulations. In addition to it, Singapore is one of the most important cryptocurrency hubs all over the world. Alongside South Korea, Malta, and the United States, the island offers one of the best environments for crypto investments.
Authorities in Singapore are currently not regulating virtual currency exchanges. Cryptocurrencies in the country are also not recognized as legal tender. Moreover, platforms do not need to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
Binance is usually the largest crypto exchange by trading volume. According to CoinMarketCap, the exchange has handled $1.12 billion dollars in the last 24 hours. The most traded pairs were BTC/USDT, ETH/USDT, and EOS/USDT. These three markets account for over 45% of the total trading volume in the platform. The exchange has 382 different trading pairs.
Binance has also been working with other governments around the world. It has established contacts in Malta, jersey, South Korea, Uganda, and Liechtenstein.
The exchange has also a virtual currency known as Binance Coin (BNB). At the moment, it is being traded around $9.34 dollars and has lost 5.42% in the last 24 hours. The token can be used to reduce fees at the exchange and will have more use cases in its future decentralized exchange.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.