The world’s leading cryptocurrency exchange by trading volume has just launched Binance Singapore, a new fiat on-ramp. The fiat-to-crypto platform allows users to buy and sell Bitcoin, Ethereum and Binance Coin with Singapore dollars (SGD). Along with Binance Uganda (UGX) and Binance Jersey (EUR, GBP), it marks Binance’s third compliant fiat-to-cryptocurrency platform.
CEO Changpeng Zhao says the company’s strategic investment partner, Vertex Ventures Southeast Asia and India, has been a key driver behind the launch, working with local regulators and financial institutions.
Says Zhao,
“Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore’s broader blockchain ecosystem.”
The platform provides real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore FAST (Fast and Secure Transfers) electronic funds transfer system. According to the announcement, the platform has experienced user growth of about 20% per week with rapid ramp up in trading volume since its soft-launch in April.
Binance will maximize its partnership with a local fintech startup to stay competitive in the region and to offer the lowest trading, deposit and withdrawal fees in the Singapore market. Payments startup Xfers, which has also partnered with Stripe and Wirecard, introduces an onboarding process to enhance Binance’s core tech for large trading volume.
Binance Singapore plans to add other cryptocurrencies in the future.
Late last year, the company mapped out its ambitious plans to launch roughly 10 new crypto-to-fiat platforms around the world in addition to its decentralized exchange (DEX) which launched in April.
Last month, Binance announced plans to launch a fully-regulated exchange in the US as part of its global expansion. Binance.US will launch in collaboration with its FinCen-approved partner BAM Trading Services. At that time, starting in September, US residents will no longer be able to trade on Binance.com.
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