Binance would soon begin closed beta testing of their new crypto-fiat exchange platform in Singapore, according to a comment by the CEO, Changpeng Zhao.
Binance Continues with its Expansion Plans
Zhao tweeted on the 15th of September, revealing Binance’s plan to launch the test in Singapore in a few days.
“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!”
Although, CEO and co-founder Changpeng Zhao had reportedly announced the new development earlier in a blockchain event that held recently by forerunning assets specializing heavyweight, Cumberland, before making the announcement again on his official Twitter account.
Tyler Winklevoss, also the CEO of another crypto exchange, Gemini was reportedly present at the event.
As of the time of the report, explicit details concerning the new development has not be revealed yet, but speculations keep growing as it is believed the new crypto-fiat exchange based in Singapore would most probably support the local currency, which is the Singapore dollar.
That Binance chose Singapore as the location for the beta test phase is no coincidence nor a surprise, given the country’s rich history with its support and boost of digital currencies’ rise.
The ‘Asian tiger’ was recently ranked the third most favourable country for ICOs after the United States which came first in ranking. This is despite the fact that the Singaporean government does not regulate or approve crypto exchanges as a legal tender in the country. However, crypto exchanges are still expected to agree with CFT and AMT stipulations.
Binance, already considered by the large majority to be the largest crypto exchange in the world currently, still continues to expand as the company extends its shores. The company already revealed plans to bring its market to Africa, as they hope to be the pioneer exchange platform liberating underdeveloped financial systems.
