Binance Launches Beta Fiat/Crypto Exchange in Singapore
Starting today, Binance will be testing a new exchange platform for Fiat/Crypocurrencies in Singapore. The launch was confirmed by their CEO, Changpeng Zhao, who made an announcement and retweeted several posts about the new platform. The CEO has also been seen mingling with the Prime Minister of Singapore,Lee Hsien Loong at the F1 race.
This is an exciting development both for the company and the world as it continues to legitimize cryptocurrencies. One big area of fear for the marketplace has been the unregulated exchange market. With more and more governments accepting cryptocurrencies as viable assets, opening exchanges, the adoption of the crypto trading will only increase. Furthermore, the fact that Singapore is allowing the pairing of fiat and cryptocurency on the exchange is another step forward as most exchages trade in Bitcoin (BTC), Ethereum (ETH) or Tether (USDT).
This increases Binance’s hold in the marketplace especially after their recent exchange platform launch in Malta. Binance is already a leader in trading volume for cryptocurrencies. With the fiat to cryptocurrency pairing, the Binance trading platform will only be more attractive to users and traders who wish to be able to quickly and seamlessly transfer funds to fiat. This only makes things easier as traders can skip a step in converting money over from the more widely traded cryptocurrencies.
The partnership with Singapore only adds to Binance’s credibility and stature. Singapore is an economic powerhouse, seeing unprecedented economic growth and a quick adoption of cryptocurrencies. Singapore’s friendly banking and finance environment makes in the perfect place for Binance to add growth and clout.
It seems like with Changpeng Zhao at the helm, Binance is making a lot of good moves to continue their growth. They are widely respected in the market, are actively engaging communities and opening doors and creating opportunities for other business and countries to grow.