Binance trials new crypto-to-fiat exchange in Singapore

Global cryptocurrency exchange Binance is preparing to launch a private beta version of a crypto-to-fiat exchange in Singapore. The news was announced by the company’s co-founder and CEO, Changpeng Zhao, on Twitter a few days ago, stating, “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!”

Media outlet Finance Magnates indicates that Zhao first discussed the platform at a recent blockchain event that was led by Cumberland, a firm that specializes in cryptocurrency assets. No additional details have been provided yet, but the exchange will more than likely offer support for the Singapore dollar.

Last summer, Singapore ranked third in a list of the most favorable countries for initial coin offering (ICO) launches. It fell in line between the U.S., in first, and Switzerland. It is one of the “Four Asian Tigers,” a designation given to an Asian country that has shown strong economic growth. It has also been ranked by the World Bank as second in the category of “ease of doing business,” behind New Zealand.

Singapore still does not recognize crypto as legal tender. However, the industry’s exchanges are allowed to operate, provided they comply with anti-money laundering and anti-terrorism financing regulations.

A little more than a week ago, Binance announced that it would be launching a new security asset digital exchange in Malta. That endeavor was born from a partnership with MSX PLC, the digital asset arm of the Malta Stock Exchange. The platform intends to capitalize on the exchange’s proven operating track record as a regulated exchange, while advancing cryptocurrencies as a legitimate alternative to fiat.

That project was just the latest example of Binance’s continued expansion deeper into the global crypto space. In August, it launched a joint venture with the Liechtenstein Cryptoassets Exchange (LCX), called Binance LCX, which will offer a crypto-to-fiat exchange in the central European country and enable trading pairs between Euros and Swiss Francs against a number of top digital currency pairs. The company also has operations in South Korea and Jersey.