Binance Launches Fiat-Crypto Exchange in Singapore

Cryptocurrency exchange Binance said on Wednesday morning that it has launched in Singapore.

Binance SG will allow users to buy and sell cryptocurrencies with Singapore dollars (SGD). This is the third fiat-to-crypto exchange that Binance has set up, with the other two located in Jersey and Uganda.

The new exchange was soft-launched in April of this year, and Binance said on Wednesday that the number of users has been steadily increasing since then.

Traders can access Bitcoin, Ethereum and Binance Coin on the new exchange but there are plans to add more cryptocurrencies in the near future.

Singaporean residents and citizens will be able to deposit and withdraw on the new platform 24 hours a day. The exchange is using Singapore's Fast and Secure Transfers system - a Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term network that allows users to transfer SGD between Singaporean bank accounts almost instantly.

Growing Binance in Singapore

In a statement, Binance highlighted the role that venture capital firm Vertex played in helping it launch its newest subsidiary. The cryptocurrency exchange added that the investment group would be helping it in its efforts to "grow the Singapore Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term ecosystem."

The firm elaborated slightly on that cryptic statement, saying that it is "exploring additional avenues" for the blockchain industry in the city-state.

“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner,” said Binance CEO Changpeng Zhao.

“Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore's broader blockchain ecosystem.”