Binance to open fiat-crypto exchange in Singapore, initial beta testing in 2 days
The world’s largest cryptocurrency exchange company, Binance, continues to expand by opening crypto exchanges all around the globe. Binance CEO, Changpeng Zhao, recently announced their plans to open live money trading for its upcoming fiat-to-crypto exchange in Singapore starting on September 18.
Changpeng Zhao made the announcement via Twitter stating, “I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting!” According to the tweet, the news was first out during a breakout session at the Cumberland Summit that took place last week. Major industry leaders including Gemini’s Tyler Winklevoss and Michael Arrington of Arrington XP Capital took part in the discussion.
The exchange is all set to open up in countries like Uganda, Malta, Liechtenstein and now Singapore. In two days, Binance plans on opening a fiat-crypto exchange in Singapore, on September 18. However, initial beta testing will be closed and will be by invitation only.
A month ago, Binance LCX, a joint venture between Binance and LCX announced the launch of an upcoming fiat-to-cryptocurrency exchange in Lichtenstein. Zhao also tweeted about the exchange’s recent developments in Malta, as the firm entered into a partnership with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC. They decided to jointly launch a new security token trading platform.
He tweeted, “This is about as legit a securities token license support as you can get, thanks to progressive leaders of Malta!” Singapore’s newly revamped regulatory framework has made the place perfect for crypto activity. And, therefore, Binance’s new exchange will be facing a lot of competition which includes KuCoin the recently launched BITBOX.
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