Binance to Open Fiat Exchange in Singapore

Binance, the most-used cryptocurrency exchange in the world, is testing a fiat currency exchange in Singapore, according to CEO Zhao Changpeng.

He made the comment at a 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 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. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS

— CZ Binance (@cz_binance) September 15, 2018

Specifically, the exchange will open in beta - meaning invite-only users within a closed testing environment - on September 18.

No further details have yet been released, but it is fair to assume that the Singapore dollar will be available.

Singapore and Cryptocurrency

Singapore, a city-state with a population of around 5 million, is one of the 'Four Asian Tigers', meaning a country that has demonstrated dramatic economic growth. It has presented itself as an attractive location for multi-national businesses, for example by maintaining low taxes. The World Bank classified it (as of June 2017) as second in its 'ease of doing business' ranking (first place was New Zealand, third Denmark).

Cryptocurrency, however, is not considered legal tender. According to local law firm Colin Ng & Partners, cryptocurrency exchanges are not recognised/approved as monetary exchanges by the Monetary Authority of Singapore but can operate as long as they comply with AML and CFT requirements.

In May, the Monetary Authority of Singapore shut down one company's initial coin offering and warned eight cryptocurrency exchanges not to sell financial derivatives without its permission, even if they are denominated in cryptocurrency. A spokesman said at the time that no safeguards were in place for the public.

Nonetheless, the state was granted that sought-after title of 'hub' in some market research conducted by an American accounting corporation in June. Singapore is popular with blockchain companies because it is a technologically advanced and highly connected country in the heart of Asia.

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Banknotes

Examples of cryptocurrency business in Singapore include Bitbox, a cryptocurrency exchange opened by Line Corporation of Tokyo, the company behind Japan's version of Whatsapp. It has traded $53.5 million worth of cryptocurrency in the last 24 hours, according to its website. And Bitcoin banknotes, a novel product released by a local firm in May.

For Binance, which handled $815 million in trades in the last 24 hours according to coinmarketcap.com, this will probably be taken in stride; over the last year or so it has opened up in Liechtenstein, South Korea, and Malta, and Jersey.