Crypto Exchange Binance To Open Crypto-Fiat Exchange In Singapore

Announcements, News | September 17, 2018 By:

Binance, one of the world’s largest crypto exchanges by market capitalization, will be launching its crypto-fiat exchange in Singapore in private beta tomorrow, September 18.

The plans was revealed by Binance CEO Changpeng Zhao while speaking at a recent blockchain event in Singapore, then announced it on his Twitter profile.

“I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days,“ Zhao said. Invitation only first. Exciting!”

No further details have been disclosed, but the crypto-fiat Singapore-based exchange is expected to support the local Singapore dollar. The private beta will initially be invite only and all trades will be live.

Singapore is regarded as one of the most favorable countries for blockchain technology, but cryptocurrency is not considered legal tender in the country. While the Monetary Authority of Singapore (MAS), the country’s central bank, doesn’t regulate cryptocurrencies directly, it has mandated cryptocurrency intermediaries, such as exchanges and remittance operators, to comply by anti-money laundering/combating the financing of terrorism rules.

In May of this year, the central bank warned eight crypto exchanges to stay away from trading in digital tokens that are securities or futures contracts without MAS’ authorization.