Government-backed firm Vertex Ventures moved to support Binance in its efforts to expand to Singapore with an investment. The investment is a joint effort from Vertex Ventures China and Vertex Ventures Southeast Asia and India.
23 October 2018 – Vertex Ventures has informed the public about its decision to invest into the largest cryptocurrency exchange Binance. The investment is aiming to facilitate Binance’s expansion strategy into Singapore.
Binance Crypto Exchange in Singapore
According to the official press release from Vertex Ventures, the investment is a joint effort from Vertex Ventures China and Vertex Ventures Southeast Asia and India. The investment comes as a part of the strategy to support Binance in developing a cryptocurrency-fiat exchange in Singapore.
Vertex Ventures is a subsidiary of Singapore-based government-owned investment company Temasek Holding. The company manages $223 billion in assets. The company was established in 2015 as a global network of operator-investors. These investors manage portfolios in different countries, including the US, Israel, China, India, and Southeast Asia.
Earlier this September, Binance initially announced its place to build a crypto-fiat exchange in Singapore. Wei Zhou, the CFO at Binance, has commented on Binance’s plans to enter the Southeast Asian market. He stated that the exchange “look[s] forward to building up the blockchain ecosystem and working with all stakeholders in Singapore to support continued innovation in the local fintech space.”
Binance Singapore Regulations
The operations of Binance in Singapore will need to be fully compliant with the Know-Your-Customer (KYC) and anti-money laundering (AML) regulations.
This month, Binance announced the establishment of its fiat-to-crypto exchange in Uganda. Wei stated that the company’s first fiat-to-crypto exchange in this country is aiming to help maintain sustainable economic stability in Africa. He noted that the company intends to bring “more innovations to the region.”
The exchange has also collaborated with crypto compliance provider and research firm Chainalysis to advance its ability to spot suspicious transactions. Chainalysis reportedly plans to facilitate the process of KYC and AML compliance via the use of real-time monitoring to track the origin of each transaction on Binance’s platform.
Think we missed something? Let us know in the comments section below.