Crypto exchange Binance CEO and co-founder, Changpeng Zhao, on day two of the Cumberland Summit on September 15, accidentally revealed the exchange’s plan to launch a fiat-to-crypto exchange in Singapore. Binance is one of the world’s largest crypto exchanges in terms of its trading volume.
Zhao mentioned that a closed beta test would commence on September 18. Thus it seems quite likely that the Singapore exchange will be launched before the end of 2018. This new exchange will be offering SGD/ETH and SGD/BTC trading pairs.
It is not too surprising to see crypto exchange Binance choosing to launch its fiat-to-crypto exchange in Singapore. That is primarily because Singapore is a global financial hub with a tech-friendly atmosphere, relatively low taxes and a reputation of being a good place to launch ICOs. Huobi and Gemini exchanges already have a presence in Singapore. Apart from this, foundations for TRON, VeChain and Litecoin are based here.
The Binance CEO’s latest tweet is perhaps his most interesting tweet when he said that he disagrees with Vitalik Buterin’s view that the crypto space had reached a level of maturity that meant “1000x prices” were no longer possible.
I still disagree with this. I will say “crypto will absolutely grow 1000x and more!” Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger. https://t.co/bvSttEeCmc
— CZ Binance (@cz_binance) September 12, 2018
Also, later that day, the Binance CEO admitted his mistake of revealing the launch news accidentally on Twitter as mentioned in the CryptoGlobe report.
— CZ Binance (@cz_binance) September 15, 2018
Binance is all set to open up in countries like Malta, Liechtenstein, Uganda and now in Singapore. The initial beta testing for the new fiat-to-crypto exchange will be closed and will be by invitation only.
A joint venture between crypto exchange Binance and LCX, known as Binance LCX, announced the launch of an upcoming fiat-to-crypto exchange in Lichtenstein, a month ago. As stated in the BCFocus report, Zhao also tweeted about Binance’s recent developments in Malta. Binance has also entered into a partnership with the Malta Stock Exchange’s fintech and digital subsidiary, MSX PLC. Both the firms decided to jointly launch a new security token trading platform.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]