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.