Leading crypto exchange Binance, announced earlier today the full launch Binance Singapore, a fiat-to-crypto platform which allows natives to buy crypto with the Singapore Dollars (SGD).
Binance Singapore is a branch aimed at Singapore citizens and residents who are able to trade a few selected initial cryptocurrency pairs. The platform includes real-time, 24/7 SGD deposit and withdrawal functionality through Singapore FAST (Fast And Secure Transfers), an electronic payment system. The platform had its soft-launch in April, and ever since it has steadily increased its user base with 20% per week.
Singapore citizen is able to purchase Bitcoin, Ethereum and Binance Coin using their native fiat currency on the new Binance branch. More cryptos will be added over time, as the team is currently focused on compliance with regulations.
Binance Singapore is one of Binance’s three operating branches which has fiat-to-crypto options, joining Binance Uganda (UGX) and Binance Jersey (EUR, GBP).
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner. Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore’s broader blockchain ecosystem.”
– Binance CEO, CZ (Changpeng Zhao),
The platform was made through the Binance and Vertex partnership, and they are trying to expand the blockchain ecosystem in Singapore.
“We are dedicated to jointly provide a strong infrastructure that sustains the highest level of security and compliance. At the same time, we are enthusiastic about carrying on the current momentum that is a testament to the sophisticated technology of Binance. There is much more to come from this partnership. We look forward to working closely with Binance as we are strongly positioned to lower barriers to entry for cryptocurrencies, while maintaining world-class security measures that are industry-leading.”
– Managing Partner for Vertex Ventures Southeast Asia and India, Chua Kee Lock