Binance to test crypto-fiat exchange in Singapore

Binance, the world’s largest cryptocurrency exchange by daily trading volume, is to begin testing a new crypto-fiat exchange in Singapore.

This was first revealed by Binance Co-founder and CEO Changpeng Zhao at a blockchain event in Singapore. He then confirmed the plans on his Twitter profile on 15th September: “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!”

No further details about the exchange have been revealed, but it is expected it will support the local Singapore dollar by offering SGD/BTC and SGD/ETH trading pairs.

MSX

It comes after Binance signed a memorandum of understanding with MSX, the Malta Stock Exchange’s fintech and digital asset subsidiary, to launch a new security token digital exchange. In August, meanwhile, Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), announced the launch of a crypto-fiat exchange in Liechtenstein to enable trading between Swiss Francs and Euros against major digital currencies pairs.

Singapore, known as a good jurisdiction in which to launch initial coin offerings, recently became home to a cryptocurrency exchange launched by Japan’s LINE Corporation, called BITBOX. It allows trading in approximately 30 digital tokens.