Binance Singapore fiat-to-crypto platform officially launched

10 Jul, 2019 | Updated: 10 Jul, 2019
by David Robb
Binance Singapore fiat-to-crypto platform officially launched

Binance has announced the official launch of Binance Singapore. The platform allows users in the country to trade directly between crypto and the local fiat currency, Singapore Dollars (SGD).

Binance Singapore had a 'soft launch' back in April. Since then, it has seen user growth of around 20 percent per week, and a rapid increase in trading volume. The leading crypto exchange has been expanding its fiat-to-crypto trading options significantly over the past year. Binance Jersey offers users the opportunity to buy crypto with Euros, while people in Uganda and other African nations can use Binance Uganda as a fiat gateway with Ugandan Shillings (UGX).

Traders in Singapore can now buy Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) with SGD. The trades are supported by Binance's partnership with Vertex Ventures.

According to Binance CEO Changpeng 'CZ' Zhao, "Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore's broader blockchain ecosystem."

Meanwhile, American Binance users will soon be forced to move their crypto off the platform, albeit temporarily. The exchange recently announced that its services would no longer be available in the U.S. from late September, although a new Binance U.S. platform is due to launch not long after.

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