Binance, the popular cryptocurrency exchange company, announced earlier today the launch of Binance Singapore, a fiat-to-crypto platform for buying and selling cryptocurrency with Singapore Dollars (SGD).
Binance Singapore services Singapore citizens and residents for the trading of selected initial cryptocurrency pairs. The platform provides real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore FAST (Fast And Secure Transfers) electronic funds transfer system. Since its soft-launch in April, the platform has seen user growth of about 20% per week.
Local users can buy Bitcoin, Ethereum and Binance Coin in Singapore using this service. In the future, there will be other cryptocurrencies added to the platform as the team focuses on growing market share and providing a differentiated product while also ensuring continued security and compliance.
Binance Singapore is one of the three operating compliant fiat-to-crypto currency platforms in the Binance ecosystem. The other two are 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.”
– CZ (Changpeng Zhao), CEO of Binance
Binance and Vertex are expanding the blockchain ecosystem in Singapore and exploring additional avenues that will drive growth in the country. Establishing the new fiat gateway within the progressive and innovative regulations of Singapore is the necessary first step to building an increasingly robust, compliant and scalable presence in the region.
“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.”
– Chua Kee Lock, Managing Partner for Vertex Ventures Southeast Asia and India
Singapore has attracted a number of cryptocurrency and blockchain companies. This has been put down to its progressive regulatory environment and its status as a financial center in Southeast Asia. Binance and Vertex also hope to help set the stage for other establishments in this key region that uphold rigorous KYC/AML policies and pioneering legislation