Binance Set to Begin Closed Beta Testing of New Crypto-Fiat Exchange in Singapore

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Photo Credit: Binance

Binance, the world’s largest cryptocurrency exchange has announced that it would soon commence private beta testing of a crypto-fiat exchange in Singapore. This was contained in a tweet on the company’s co-founder official twitter handle.

According to Changpeng Zhao, “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!”

Before announcing the post on twitter, Changpeng Zhao first hinted of the cryptocurrency exchange plans to launch the fiat exchange while speaking at a recent blockchain event conducted by a crypto assets-specializing firm in Cumberland. Besides Changpeng Zhao, the event also featured great personalities like Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini.

According to Finance Magnates, while there are little details at the moment about the planned launch, the crypto-fiat Singapore-based exchange will most certainly support the local Singaporean dollar.

It is important to note that Singapore is becoming an important crypto supportive country with the country ranked the third most favorable country for Initial Coin Offerings (ICOs) back in July.

Elsewhere, Binance announced a collaboration with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, to launch a new security token digital exchange during the past week.

This is not the only interesting move the cryptocurrency exchange has been making all year. In August, Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), announced the setting up of a crypto-fiat exchange in Liechtenstein to support trading between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs.