Tanya Abrosimova
Independent Analyst
- The new exchange is launched in partnership with Vertex.
- Binance SG is the third fiat-to-crypto trading platform opened by Binance.
Binance, the world's largest cryptocurrency exchange by average trading volumes, has launched a fiat-to-crypto exchange platform in Singapore. The platform was soft-launched in April 2019 and the number of users has been growing of about 20% per week along with a rapid increase in trading volumes, according to the press release, published on the official website of the company.
Binance SG has become the third exchange started by the Malta-based company. The other two platforms are located in Jersey and Uganda.
The Singaporean exchange is launched in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India ("Vertex"). The companies will focus on expanding the blockchain ecosystem in the region.
"We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner," said CZ (Changpeng Zhao), CEO of Binance.
Binance SG users will be able to buy and sell Bitcoins (BTC), Ethereum (ETH) and Binance Coins (BNB) against Singapore Dollar (SGD). However, the company plans to add new cryptocurrencies to the platform.
At this stage, the exchange aims to grow its market share and provide a unique product along with a high level of security.
"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," Changpeng Zhao added.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.