Binance announces the launch of fiat-to-crypto exchange in Singapore

16 Sep, 2018
by Richard Allen
Binance announces the launch of fiat-to-crypto exchange in Singapore

CEO of Binance, the world’s biggest cryptocurrency exchange by trading volume, Changpeng “CZ” Zhao let slip his plans to launch a fiat-to-crypto exchange in Singapore, while he was in the country for day two of the Cumberland Summit, CryptoGlobe reports.

CZ said that the exchange will launch an invite-only beta on September 18. Later that day, he tweeted:

This suggests the that it’s quite likely the Singapore exchange will launch before the end of the year. And while there are no official details released yet, it’s safe to assume that it will offer SGD/BTC and SGD/ETH trading pairs.

Singapore is a good location for Binance to launch. The country has a population of 5 million with relatively low taxes and a tech-friendly atmosphere. The country is also one of the ‘Four Asian Tigers’, meaning it has shown dramatic economic growth. Additionally, Singapore has earned a reputation as being a good city to launch in ICO. Litecoin, TRON, and VeChain are also based in Singapore.

Despite this, cryptocurrency is still not regarded as legal tender in the country. Finance Magnates reports that local law firm Colin Ng & Partners claim that cryptocurrency exchanges are not recognized as monetary exchanges by the Monetary Authority of Singapore but are able to operate so long as they comply with AML and CFT requirements.

CZ was in the news not so long ago after he publicly disagreed with Vitalik Buterin’s comment that the crypto market has reached a level of maturity where 1000x gains are no longer possible. Check it out here.

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