- Binance Singapore has officially launched a new fiat-to-crypto exchange in Singapore
- The company did a soft launch in April
- The new platform has the lowest fees for transactions in the region
Binance crypto exchange has officially launched a new fiat-to-crypto platform in Singapore. The new platform will facilitate the buying and selling of cryptocurrencies using the Singapore Dollar (SGD).
20 Percent Increase
Binance, the world’s leading cryptocurrency exchange in trade volumes, announced the launch of Binance Singapore (Binance.sg) in partnership with Vertex Ventures that will help support the growth of the cryptocurrency and blockchain ecosystem in Singapore.
According to a report by Forbes on July 9, 2019, the Changpeng Zhao-led exchange soft launched Binance Singapore in April and the platform is recorded to have seen a 20 percent increase in weekly customer growth along with a sizeable daily trading volume. Binance CEO CZ attributed the growth to the involvement of Vertex Funds. He stated:
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner. Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions.”
The platform offers around-the-clock Singapore Dollar deposit and withdrawal functionality using Singapore FAST (Fast and Secure Transfers). Binance SG will afford Singaporean residents speedy trading with a few cryptocurrency pairs in this early stage. Both Binance and Vertex Ventures will use their partnership to facilitate the growth of the blockchain ecosystem as a priority forefront and they hope to do a lot to improve on this.
The Managing Director of Vertex Ventures Southeast Asia and India, Chua Kee Lock expressed optimism in the partnership’s ability to break new grounds. Lee Lock stated:
“There is much more to come from this partnership. We look forward to working closely with Binance as we are strongly positioned to lower barriers to entry for cryptocurrencies, while maintaining world-class security measures that are industry-leading.”
Favorable Regulatory Framework
Singapore has among the best regulatory atmospheres which have favored the growth of cryptocurrencies and blockchain technology, something that has attracted several related startups. The favorable regulatory atmosphere has contributed to the fast growth of Binance SG, which currently offers the most affordable rates for trading, withdrawals and deposits in Singapore. Binance SG becomes the third Binance platform offering Fiat-to-Crypto services after Binance Uganda (UGX) and Binance Jersey (EUR, GBP).
Singapore continues to see a noticeable inflow of crypto and blockchain-related companies due to its favorable regulatory frameworks. Changpeng Zhao said:
“Ideally, we want to find both in a market: existing demand and a progressive regulatory environment for growth […] we hope to set the stage for other organizations in Singapore, and beyond, where the region is pioneering in blockchain-related legislation while upholding rigorous standards and policies.”