The Binance Singapore launch was long expected by many, mostly because of Binance’s vast presence and popularity around the world. In the latest cryptocurrency news, we are citing a report from TechCrunch which shows that Binance officially launched its Singapore branch – but only with some limited features.
In more detail, users of the Binance Singapore platform will only be able to purchase Bitcoin (BTC) using Singapore dollars (SGD) which means that there will be far fewer trading pairs available for consumers compared with the company’s main exchange.
According to the official website, the service is being offered in a close partnership with Xfers which is a local payment service that offers crypto wallet features that are apparently approved by Singaporean regulators. Every user who wants to use this service would need to create an account with Binance Singapore, link their Xfers account and start buying and selling Bitcoin as they wish.
The report also features one spokesperson behind Binance’s Singapore branch, stating the following:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”
As many best cryptocurrency news sites reported earlier in April, the CEO of Binance Changpeng Zhao (known as CZ) said that Binance was planning to open its Singapore branch at some point this month. However, further details about Binance Singapore were not known at the time.
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Last September, CZ revealed that the beta testing for this service was about to begin.
Meanwhile, the coming altcoin news show that Binance is also getting a lot of investments. One of them was made by Vertex Ventures, which is a subsidiary of Temasek Holdings – and the recent investment company that decided to invest in Binance and fuel its expansion to the country.
Right now, Binance is the second largest crypto exchange by trading volume according to data from CoinMarketCap. However, the Singapore branch will definitely help and get the exchange closer to the first spot.
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