According to a recent official Tweet by the CEO of the Exchange ‘Changpeng Zhao,’ the company would be starting its beta services for its new launch of ‘ Crypto-Fiat Exchange’ from 18th Sept. this year.
Mentioning further, the Founder and CEO of the company stated that:
“I simply slipped that we’ll begin #Binance Singapore fiat exchange live money closed beta testing on 18th Sept. Invitations solely first. Exciting!”
According to a local news source ‘Finance Magnates’, before posting the news on Twitter, Zhao initially disclosed the plans to launch the new fiat exchange whereas speaking at a recent blockchain event scheduled by the crypto assets-specializing company ‘Cumberland’. The conference conjointly featured another disruptor of this era — Tyler Winklevoss, co-founder and chief executive officer of crypto exchange Gemini.
While no more details for now have been revealed by the company, the crypto-fiat Singapore-based exchange can presumptively support the native Singapore dollar, as per what the Finance Magnates noted.
Earlier in the period of mid July, Singapore was graded as the 3rd most favourable country for the ICO’s in terms of the total amount of top global ICO projects.
Even earlier this week only, Binance signed a Memo of Understanding ‘MOU’ with the Malta Stock Exchange’s fintech and crypto asset subsidiary, MSX PLC, to launch a replacement security token digital exchange.
And earlier in Aug, Binance LCX, a venture between Binance and Liechtenstein Cryptoassets Exchange ‘LCX’, proclaimed the launch of crypto-fiat exchange in Liechtenstein to allow trading between Swiss Francs ‘CHF’ and euros ‘EUR’ against major crypto currencies pairs.