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Binance Begins Beta Testing Singapore-based Crypto-Fiat Exchange

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Binance, is the largest crypto exchange in the world. The company has revealed that it is starting its private beta testing of a crypto-fiat exchange based in Singapore. Changpeng Zhao, the CEO and co-founder of the exchange made the announcement on September 15.

Private Beta Testing by Binance Starts

Changpeng Zhao announced that the closed testing will be initiated on September 18 this year. He said, “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!”

According to Finance Magnates, Changpeng Zhao first announced his plans to launch the beta testing at a blockchain event led by Cumberland,  a firm that specializes in crypto assets. In addition, Tyler Winklevoss, the CEO and co-founder of Gemini, a crypto exchange  attended the same conference.

However, no additional details are currently available. Moreover, according to Finance Magnates, the Singapore-based crypto-fiat exchange will support the local Singapore dollar.

More importantly, Singapore ranks third on the list of the most ICO-friendly countries in the world. This is due to the number of the global ICO projects the country is involved in.

Earlier this week, Binance signed a MoU (Memorandum of Understanding) with MSX PLC, the fintech and digital asset subsidiary of the Malta Stock Exchange. The collaboration will result in the launch of a new security token-based digital exchange.

Furthermore, Binance LCX is a joint venture with the LCX (Liechtenstein Cryptoassets Exchange). The exchange announced the new venture in August; the collaboration will help launch a crypto-fiat exchange in Liechtenstein. Moreover, the latter will facilitate trade between Euros (EUR) and Swiss Francs (CHF) against the major cryptocurrency pairs.

In conclusion, Binance is particularly active in the space with several collaborations and launches scheduled.

 

 

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