Binance fiat-crypto exchange starts in Singapore

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). 

The article was updated on 15 November, 2019 by Amicus.

July 10, 2019, | AtoZMarkets – 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 also available for Singapore citizens, Singapore permanent residents, or residing and domiciled in Singapore.

Binance fiat-crypto exchange in Singapore in a brief

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. Besides, the new Binance fiat-crypto exchange is using Singapore’s Fast and Secure Transfers system. However, it is 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, invested in Binance. That is for helping the crypto company build and launch Binance fiat-crypto exchange in Singapore by year-end.

It also did not disclose the amount of the investment. 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. The company in Uganda and Jersey has already established similar trading platforms. Binance launched its Jersey branch in January 2019. The Jersey exchange platform was built on the same technology. Binance also developed it. And it provided 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 launches in 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’s 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. Singapore Exchange (SGX) and the country’s public stock market also backed it. Furthermore, its technical support is from the New York Ethereum startup ConsenSys.

ConsenSys helped design a solution for 1X to issue. That is “ERC-20 tokens”. That would allow the transactions of the securities-backed ethereum tokens. It is to be visible on the ethereum network like any other ERC-20 tokens.

SGX is a strategic investor in 1X. And it 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 the help of the new token trading platform, the 1X team is aiming to provide an IPO-like platform for private companies. It raise capital and 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. Yet, it is worth to mention, 1X functions is a centralized exchange. However, it does not hold investors’ private keys, and for every trade inside the exchange, on-chain transactions will go through the third-party custodian.

Think we missed something? Let us know in the comments section below.

Share Your Opinion, Write a Comment