Binance, the world’s largest cryptocurrency exchange is set to launch a private beta of its fiat cryptocurrency exchange in Singapore. The announcement was revealed by CEO Changpeng Zhao in a tweet after speaking at Cumberland Summit blockchain business event in Singapore.

I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS — CZ Binance (@cz_binance) September 15, 2018

As per Zhao, the exchange will start off as an invitation-only beta and would eventually be opened up to the public. The exchange would allow people to trade fiat currency rumored to be the local Singapore Dollar for cryptocurrencies like Bitcoin and Ethereum. Just last month, Binance announced its joint venture with Liechtenstein Cryptoassets Exchange (LCX) to launch Binance LCX that will enable trading between the Swiss Franc (CHF) and Euro (EUR) against major cryptocurrencies.

Singapore – The Hub for Cryptocurrency Exchanges 🇸🇬

Binance has been looking for countries with more relaxed regulatory laws following China’s nationwide ban on cryptocurrency trading. Singapore is quickly becoming the hub for the all things crypto with cryptocurrencies still not subject to government regulations. Singapore was also ranked the third most favorable country for Initial Coin Offerings (ICOs) just behind the U.S. and Switzerland as per Singapore Business Review.

Blockmanity’s Take

Binance Continues to Expand its presence across the world getting recognised as the largest crypto exchange by volume. Even when the markets have seen a downward trend, Binance has embarked on its global expansion with setting up shop in Malta, South Korea, Uganda and just last month Liechtenstein. We hope Binance is successful in all of its initiatives and drives the cryptocurrency revolution.

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