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Binance fiat-crypto exchange starts in Singapore

Maya Mandzikasvili | Jul. 10, 2019
Binance fiat-crypto exchange starts in Singapore

July 10, 2019, | AtoZMarkets -The leading global crypto trading platform, Binance, has recently announced the launching of Binance fiat crypto exchange in Singapore. The new platform will allow users to trade crypto with Singapore dollars (SGD). 

Binance fiat crypto exchange in Singapore in a brief

By now, Singaporian traders can access Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) on the new exchange but, the company was hinting, that in the near future there might appear more crypto trading pairs. According to the terms of use of the Binance’s subsidiary, crypto trading on the platform is available for Singapore citizens, Singapore permanent residents, or residing and domiciled in Singapore.

The Binance SG terms and conditions also state that digital assets withdrawal and deposit on the new platform will be available 24 hours a day. In addition, the new Binance fiat crypto exchange is using Singapore’s Fast and Secure Transfers system – a payments network that allows users to transfer SGD between Singaporean bank accounts almost instantly. Binance SG service will not be available for the U.S. citizens. 

In their latest statement, the global crypto exchange emphasized the importance of Vertex Ventures in the Binance SG launch. According to Bloomberg, in 2018, the oldest venture-capital firm in Southeast Asia, made an investment in Binance to help the crypto company build and launch Binance fiat crypto exchange in Singapore by year-end.

The amount of the investment was not disclosed. According to the latest report from Binance, the investment group will also be helping it in its efforts to “grow the Singapore blockchain ecosystem.”

Binance activity expands to Asia, Africa, and Europe

Binance fiat crypto exchange in Singapore is the third such enterprise of the leading crypto exchange. Similar trading platforms have already been established by the company in Uganda and Jersey. 

Binance launched its Jersey branch in January 2019. The Jersey exchange platform was built on the same technology developed by Binance and provides trading of Pounds Sterling (GBP) and Euros (EUR) with Bitcoin (BTC) and Ethereum (ETH)

Binance Jersey was the first fiat-to-crypto currency exchange to operate in the region under the auspices of the Jersey Financial Services Commission.

Binance Uganda launch was announced a year earlier, in June. By now, the Binance's subsidiary provides trading of Uganda Shilling with Bitcoin (BTC),  Ethereum (ETH), Binance Coin (BNB), Paxos Standard Token (PAX) and Litecoin (LTC).

As the media reports, Singapore’s Binance fiat crypto exchange was soft-launched in April 2019 and according to Binance latest report, the number of users has been steadily increasing since then.

Meantime Singapore’s Stock Exchange backs new security token trading platform

This Wednesday has gone live, a new trading platform for security tokens. The platform dubbed as 1X is backed by Singapore Exchange (SGX) the country’s public stock market and technical support from the New York-based Ethereum startup ConsenSys.

ConsenSys helped design a solution for 1X to issue what are called “modified ERC-20 tokens“ which would allow the transactions of the securities-backed ethereum tokens to be visible on the ethereum network like any other ERC-20 tokens.

SGX is a strategic investor in 1X and is also involved in business operations.

The first listing of an ethereum token on the new platform is purchasable with Singapore dollars. The token represents around 7 percent of the shares of a Singapore fund manager called Aggregate Asset Management (AAM). 

With help of the new token trading platform, the 1X team is aiming to provide an IPO-like platform for private companies to raise capital and to increase liquidity in the primary capital market by using a public blockchain to validate transactions. 

The firm was set up by Capbridge, a Singapore-based exchange for primary market stock offerings.

It is worth to mention, while 1X functions as a centralized exchange, it does not hold investors’ private keys, and for every trade inside the exchange, on-chain transactions are required to go through the third-party custodian.

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