Binance CEO, Changpeng Zhao, wrote on Saturday, Sept. 15, that his company will be launching a fiat-cryptocurrency exchange in Singapore.
— CZ Binance (@cz_binance) September 15, 2018
“The market shows dynamics. We continue to increase the volume.”
Zhao’s tweet came after his speech at the Cumberland Summit blockchain business event in Singapore. Based on his Twitter activity, this new exchange will launch as an invitation-only (beta) phase before allowing more people to use it. These kinds of fiat-crypto exchanges enable people to trade fiat (ex. USD) for cryptocurrencies like Bitcoin and Ethereum.
This announcement comes after Binance’s founding of a fiat-to-cryptocurrency exchange in Lichtenstein about a month ago.
Binance’s Singapore exchange, contrastingly, can offer members with a fiat to fiat currency exchange opportunity as well. This allows for greater flexibility across global assets and better-exchanging rates. The interbank exchange rates offered through
The move also fits Binance’s pattern of setting up shop in countries with more relaxed regulatory laws following China’s nationwide ban on cryptocurrency trading.
As of September 2018, Binance boasts the world’s second-largest cryptocurrency daily volume for exchanges, with exchanges based in Malta, Uganda, and even South Korea. With continuous growth through these nations, Binance manifests its company motto: “Exchange the world.”