Binance, the largest cryptocurrency platforms by trading volume, announced that it will do a fiat crypto exchange test in Singapore, according to an official statement by the company’s co-founder and CEO ChangPeng Zhao. Zhao confirmed the news during a blockchain conference in Singapore and through an official tweet post.
Right now, the plan just includes Singapore Dollar (SGD) paired with BTC and ETH in closed beta version, accessible by invitation only. Further development on the digital currencies trading has not yet been revealed.
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Binance was founded and based in China in 2017 and has built a rapport of having the largest trading volume of cryptocurrency worldwide after moving servers to Japan then to Malta. The company claims to have more than 10 million users.
Just a few days prior to announcing its entrance to Singapore, the company inked an MoU with Malta Stock Exchange (MSX) allowing security token trading and facilitating more innovations, represented by Binance’s CFO Wei Zho and MSX chairman Joe Portelli.
Some global expansions that Binance has done in the past include South Korea, Jersey, Liechtenstein, and Uganda. The company has also expressed interest in moving to places like Bermuda and Africa, which are characterised by underdeveloped financial systems.
Binance recently launched a US$1 bilion fund to support multiple blockchain projects and would select 20 qualified partners to team up with to manage the funds.
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Binance setting up in Singapore is a matter of time, with the country being a base to some established global cryptocurrencies companies, like TRON, VeChain, and other ICOs. However, the country remains firm on its decision of not legalising cryptocurrency as a legal tender in the country just yet.
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