Binance crypto-fiat exchange goes into testing in Singapore

Binance crypto-fiat exchange is expected to enter the private beta testing in Singapore, according to the Binance co-founder and CEO Changpeng Zhao. What do we know about this cryptocurrency project?

17 September, AtoZ MarketsThe largest global cryptocurrency exchange, Binance, is expected to soon commence private beta testing of a cryptocurrency-fiat exchange. The exchange is to be based in Singapore. It is known that Binance co-founder and CEO Changpeng Zhao has announced the news in his Tweet dated September 15. 

Binance crypto-fiat exchange goes into testing in Singapore

According to Changpeng Zhao, the testing will start on September 18:

 “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!”

According to a number of online reports, before posting the news on Twitter, Changpeng Zhao, has first revealed the plans to set up the fiat exchange during his speech at a recent Blockchain event that has been led by crypto assets-specializing firm Cumberland. Reportedly, the conference has also seen participation from Tyler Winklevoss, one of the Winklevoss’ twins and a co-founder and CEO of cryptocurrency exchange Gemini.
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The cryptocurrency-fiat Singapore-based exchange will supposedly support the local Singapore dollar. However, there are no official details that were provided by the representatives of the company yet.

This July, Singapore has been ranked as the third most Initial Coin Offerings (ICOs)-friendly country in terms of the number of top worldwide ICO projects. 

Binance Malta Stock Exchange MoU

Last week, AtoZ Markets has reported that Binance has inked a Memorandum of Understanding (MOU) with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC. The agreement is aiming to launch a new security token digital exchange.

The companies are planning to facilitate the security token trading on the “Blockchain Island,” according to the local media reports. 

Wei Zhou, the exchange’s chief financial officer, has supposedly signed a memorandum of understanding with the MSX’s head Joe Portelli to enable a security token trading platform. 

The finance minister of Malta, Edward Scicluna, has praised the cryptocurrency industry in his speech during a press conference. He has stated that the nation is not planning to miss a chance to take advantage of new innovations. He has noted that Blockchain and cryptocurrencies have their risks, "this is not an excuse to let it go by and be taken up by others.”

Mr. Portelli has agreed with his remarks, adding that "whether you like it or not, the technology is here to stay,” during the press conference.

Mr. Scicluna has also highlighted that the country has dedicated its best legal experts to forming a proper regulatory framework for the cryptocurrency industry. To this end, the MSX has established a new entity, entitled the MSX PLC. The latter will be specifically focused on exploring the financial technology and digital assets’ potential.

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