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Alternative Market Briefing

Binance all set to roll out live money beta testing of Singapore Fiat Exchange tomorrow

Monday, September 17, 2018

Laxman Pai, Opalesque Asia:

The global cryptocurrency exchange Binance has announced it will start testing a fiat-to-crypto currency trading platform in Singapore, said its co-founder and CEO Changpeng Zhao (CZ).

Zhao, who spread the news on social media, said that the testing will be launched tomorrow (September 18).

Zhao tweeted on September 15: "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!"

The new exchange will initially open in beta with an undisclosed number of invited users trading in a closed testing environment.

No further details have been revealed yet. There is no indication at this time what digital currencies will be available for trading at launch.

However, sources said that the exchange will open in beta - meaning invite-only users within a closed testing environment - on the 18th of September. Sources indicated that Binance would support Singapore Dollar (SGD) pairs including foreseen alternatives like SGD/ETH pair and SGD/BTC pair.

Binance's new exchange will face significant competition, including KuCoin the recently launched BITBOX.

Cryptocurrency, however, is not considered legal tender in Singapore. However, country's newly revamped regulatory framework that is designed to spur blockchain innovation.

Singapore has a reputation as a good place to launch Initial coin offerings (ICOs); a few examples of ......................

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