Could a fiat Crypto exchange become a reality in Singapore? Binance has announced that it will test for the new exchange. According to ChangPeng Zhao, the exchange’s CEO and co-founder, the test will be conducted in Singapore. Recently, the exchange has embarked on various projects including entering new markets in America, Europe, Asia, and Africa in an attempt to expand its customer base and boost its profits. Binance is among the latest established Crypto firms to enter the Singaporean Crypto market.
Singapore To Have A Fiat Cryptocurrency Exchange
Binance has revealed that it will test a fiat Crypto exchange in Singapore. ChangPeng Zhao, who is the co-founder and CEO of the exchange gave the statement in the Blockchain conference that was held in Singapore. This is one of the exchange’s latest development projects.
According to the report, the test will include pairing the Singapore Dollar (SGD) with ETH and BTC in the beta version. No more report has been given about the other Cryptocurrencies. Furthermore, it has been revealed that the new service will only be accessible by invitation.
Recent Projects At Binance
Binance was founded in 2017, in China. Nevertheless, after Shanghai banned Cryptocurrencies, the exchange moved its servers to Japan before moving to Malta. Since then, the Hong Kong-based exchange has grown to become the largest one based on daily trading volume. The exchange says it has over 10 million users.
Recently, Binance has been engaging in various projects aimed at enabling the exchange to boost its profits and provide more services. A few days ago, the exchange entered into an MoU agreement with Malta Stock Exchange (MSX). Under the deal, the exchange will provide secure Crypto trading and support more innovations in the sector.
Binance has been opening branches in different countries in an attempt to expand its customer base. The exchange already has a presence in South Korea, one of the most advanced Crypto markets. In June, the exchange entered into an MoU agreement to open a plant in Jersey where it is expected to create job opportunities. The company is also present in Liechtenstein and Uganda.
Binance is not yet done with its expansion strategy. The world’s largest exchange is eying not only developed countries but also areas with underdeveloped financial systems. The exchange is expected to open more branches in Bermuda and Africa. Many believe that Cryptocurrency and Blockchain could be beneficial in areas even without efficient financial systems.
The recent expansion program by Binance is beneficial to both the exchange and the entire sector. The exchange will now to be able to reach more people, which will lead to increased profits. The market will benefit as more people will have access to Cryptocurrencies than before. Moreover, more business will incorporate Crypto payments due to accessibility by many people.
Cryptocurrency Regulation In Singapore
Singapore has emerged as one of the countries with a Crypto-friendly environment. Although the government does not recognize the virtual currency as a legal tender, it has allowed Crypto-firms to open in the country. Some of the successful Crypto companies with operations in the country include VeChain, TRON, and other ICOs. The Hong-Kong based exchange is among the latest businesses to join the Singaporean Crypto market.