Binance’s global expansion plans have a new milestone to reach in Singapore. Binance is setting up a new fiat-crypto exchange in the Asian hub. This would be Binance’s latest global shop after Malta, Uganda, South Korea, Jersey, and Liechtenstein. The new fiat-crypto exchange goes live today. However, it is in a beta testing phase and only available for a select few.
Binance CEO Surprises the World
Changpeng Zhao, CEO of Binance, made the announcement on Twitter, writing:
“I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting!”
However, before writing on Twitter, Zhao had spoken about the entity at a blockchain event. The details of this launch are not yet available. Till now, it is only known that the exchange will launch in beta and will be open for users by invite only. The number of fiat currencies supported on the exchange is also unknown, but one of them could be the Singapore dollar.
Singapore Isn’t Crypto Friendly
Though the city-state is one of Asia’s most promising business destinations and ranks no. 2 in World Bank’s “ease of doing business” index, Singapore isn’t a crypto-friendly region. Digital assets are not considered legal tender in Singapore. Still, the city-state is home to Bitbox, a crypto exchange operated by Japanese Internet giant Line Corporation.
CoinHub, a new cryptocurrency exchange that allows fiat trading, was also launched in Singapore earlier. CoinHub stores tokens purchased via users in cold wallets and provide enhanced security. The exchange charges zero transaction fees and offer support for initial coin offerings (ICOs).
As far as Binance is concerned, it is one of the biggest cryptocurrency exchanges in the world and has its own cryptocurrency — Binance token (BNB). After launching its ICO in July 2017, the exchange had $2 billion in daily trade volume during the crypto boom in the last quarter of 2017. The exchange currently handles $804 million in daily trade volume. The exchange has outperformed Deutsche Bank in profits for the first quarter of 2018. While Deutsche Bank made $146 million, Binance earned $200 million. In terms of profit, it is only $9 million behind Nasdaq — the tech-heavy US stock exchange that earned $209 during Q1 2018.