Binance Set to Launch New Crypto Exchange in Singapore Tomorrow

Binance CEO has revealed that the leading cryptocurrency exchange has plans to launch a fiat-to-crypto exchange in Singapore on September 18, 2018.

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The world’s leading cryptocurrency exchange Binance continues on its quest to expand its operations to cover all corners of the world. The exchange has revealed that it will soon start the beta testing of its fiat-crypto exchange in Singapore, tomorrow, September 18, 2018.

Beta testing will be closed and Invitational

The announcement was made by the CEO of the company, Zhao Changpeng at a blockchain event in Singapore.

The exchange will be launched in its beta phase first, thus only invited users can partake in the trial and it will be done within a closed testing environment.

Binance has not provided any further details on the fiat-crypto exchange, but the initiative has already been received positively in the cryptocurrency community.

Zhao also talked about Binance’s recent development in Malta. The company partnered with Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC just last week. The duo will develop a new security token trading platform.

He stated that the exchange this is about as legit a securities token license support as you can get, thanks to progressive leaders of Malta.

Last month, Binance entered a similar agreement with Liechtenstein Cryptoassets Exchange that saw the two companies launch a fiat-to-crypto exchange.

The new exchange which is located in Liechtenstein offers to trade between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs. The exchange will add more trading pairs once they received the appropriate regulations.

Binance will be in charge of support and provide the necessities for the exchange while Binance LCX will be in charge of customer support.

Binance grew massively over the past year

Binance cryptocurrency exchange came into existence just a year ago but has experienced massive growth to become the leading crypto exchange in the world. It is ranked the first exchange on XBT.net with over $800 million daily trading volume.

The exchange has also seen massive trades on its platform, and in the process outperformed the Deutsche Bank in quarterly profits. The exchange recorded a profit of $200 million compared to $146 Million in profits for Deutsche Bank.

Its profit in that quarter was just $9 million shy that of NASDAQ, which is an indication of the exchange’s level of growth in just one year.

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