One of the largest crypto exchanges, Binance has officially opened a new branch in Singapore. It is enabling Singaporeans to trade digital assets with their fiat currency (Singaporean dollar SDG).
Binance Opens Fiat Exchange in Singapore
So far, Binance exchange has launched two fiat exchanges – Uganda (UGX) and Jersey (EUR, GBP). Binance Singapore is the third fiat-to-crypto exchange launched by Binance. To reminds, Binance SG was the soft-launched in April this year but with this announcement, users can quickly trade and access top cryptocurrencies using SGD fiat currency. At the moment, the exchange is enabling trading, deposit and withdrawal services for only a few cryptocurrencies, those are Bitcoin, Ethereum and Binance Coin – however, it is eventually planning to add more cryptocurrencies in the near future.
In addition, Binance is assuring quick service to Singaporean users by using country’s payment network, FAST (Fast and Secure Transfers Electronic Funds Transfer system). FAST is a new electronic fund transfer service, enabling the quicker transfer of Singapore Dollar funds between participating banks. With the FAST system, Binance said, it will provide real-time, 24/7 SGD deposit and withdrawal functionality.
— Binance (@binance) July 10, 2019
In its official blog, Binance mentioned that they’re growing Singaporean branch with investment partners “Vertex Ventures China” as well as Vertex Ventures Southeast Asia and India. Emphasizing the support from Vertex, Binance CEO, Changpeng Zhao aka CZ states that;
“Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions.”, CZ said in a blog. “We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner,”
Vertex platform helps sustainable growth of Binance in this region, in fact, Binance states that they’re expanding the blockchain ecosystem in Singapore with Vertex. In addition, it adds that they’re seeking to “explore additional avenues” that brings blockchain growth in the country. However, talking about the partnership, Vertex Managing Partner, Chua Kee Lock states that;
“There is much more to come from this partnership. We look forward to working closely with Binance as we are strongly positioned to lower barriers to entry for cryptocurrencies while maintaining world-class security measures that are industry-leading.”
Singapore is becoming the hottest region for many crypto and blockchain companies. Its favorable regulatory system around the crypto industry is one of the key concerns why companies are on their way to grow businesses in Singapore. In fact, very recently, reports revealed that Singapore’s Tax Agency, Inland Revenue Authority of Singapore (IRAS) proposes goods and service tax (GST) exemption from cryptocurrency transactions.
Binance further confirms that they’ve partnered with local payment partner and platform “Xfers” to proceed trading, deposit, and withdrawal with the lowest fees in the Singapore market.
Image source- Binance blog
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