Binance Launches Singapore Fiat-Crypto Exchange Beta Testing
Fiat-crypto exchanges have become a very competitive market in recent months, as different companies flock to become the next provider of digital assets in exchange for entirely liquid fiat currency. The majority of crypto exchanges in today’s world function on a crypto-to-crypto basis, which is what the leading cryptocurrency exchange Binance did for many months. The reasoning for this is that licensing and setting up the legal framework to operate as a fiat exchange is much more difficult than straight crypto-to-crypto. Considering Bitcoin and Ethereum have been deemed by nearly all monetary regulators in the world as ‘non-securities,’ it is much less costly and safer to work strictly with crypto. With this in mind, it can be assumed that those willing to take the first steps towards full functionality in the fiat world must understand the importance of worldwide adoption of digital currencies. Binance, the world’s largest cryptocurrency exchange and a large supporter of worldwide cryptocurrency adoption, stated today that it is launching beta testing for a Singapore-based fiat-to-crypto exchange.
The CEO of Binance Changpeng Zhao, also known to the internet industry as ‘CZ’, has openly stated his active measures to increase worldwide adoption of cryptocurrencies and digital assets. On September 15 he tweeted the following announcement that Binance will begin its testing of crypto-fiat conversions 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!” — Changpeng Zhao
Binance only recently opened its doors to fiat conversions from U.S. dollars and euros, so integrating a Singapore fiat conversion base would enable Binance to reach many more areas around the world. Although not many details have been released about the Singapore fiat exchange, the beta testing launches today for a select few.
“Singapore was ranked as the third largest supporter of ICOs and has proven to be a prime location in the digital asset industry,” says Daria Generalova, co-founder of ICOBox. “They are a major player in the cryptocurrency arena, and their interest in expanding their geographical reach is huge. It is exciting to see Binance moving to integrate them into the crypto-to-fiat transition market. This will enable citizens of Singapore to easily transfer fiat into crypto, furthering the digital asset economy on a global scale. Binance is demonstrating their willingness to become a frontrunner in the new digital economy with their consistent efforts aimed at legitimizing crypto.”
Beta testing for the new Singapore crypto-fiat exchange launches today, September 18, and will continue until otherwise noted by CZ and the Binance team.