Binance To Launch Closed Beta Testing Of New Crypto-Fiat Exchange In Singapore


Hong Kong-based cryptocurrency exchange Binance is set to begin a closed beta testing at Singapore fiat exchange on September 18, according to CEO Zhao Changpeng’s twitter handle.

Initially, beta testing will be by invitation only. No further details have been disclosed yet, however, media reports point that Singapore dollar will be available.

In July, Singapore ranked third most favorable country for Initial Coin Offerings (ICOs), in terms of the number of top global ICO projects, due to its relatively low taxes and tech-friendly atmosphere, according to analyst associated with the Crypto Finance Conference.

Binance had invested in Malta-based Founders Bank last July. The company had taken a 5% stake alongside other anchor investors at €133 million (US$155 million) pre-money valuation.

Similarly last week, Binance partnered with Malta to launch a new security token digital exchange.

On August 16, Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), announced the launch of a fiat-to-crypto exchange.

It will be located in Lietchtenstein and offer trading between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs, subsequently adding more trading pair.

Binance is currently one of the largest cryptocurrency exchanges by daily trade volumes, seeing, as of press time, $838.92million in trades over a 24 hours, according to CoinMarketCap.

 

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