Exchanges

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.

Emily Perryman

Emily is an award-winning financial journalist with over a decade of experience writing for consumer, trade and national publications. She writes about FinTech, investments, pensions, property and healthcare. Her work has appeared in titles such as The Financial Times, The Independent and Shares magazine.