Binance Makes Its Singapore Crypto Exchange Launch Official, Opens With BTC/SGD Trading Option
Binance Launches “Limited” Crypto Exchange In Singapore, CFO, Wei Zhou Tells All!
In an interview conducted on Wednesday, April 24, 2019, with Coin Telegraph, the Chief Financial Officer of Binance, Wei Zhou supposedly shared the news that the successful crypto exchange was able to officially launch in Singapore. Announcement regarding its launch in April (without a set date) was first released via Twitter on April 3rd, as seen below, and it seems like the team has met their roadmap.
— Binance (@binance) April 4, 2019
As per the claims made, it is somewhat limited, in the sense that traders are only able to purchase Bitcoin [BTC] using Singapore currency, SGD.
Coin Telegraph’s reportings revealed that Binance Singapore will be working alongside a local payment service provider called, Xfers, who seems to have been approved by the Singaporean regulatory framework for offering crypto-related services.
When it comes to the actual buying and selling of crypto, Singaporeans would have to create an account with Binance Singapore, and funding said account will have to be achieved through Xfers. Zhou is convinced that this is an early stage and that over time more trading pairs and features will be offered. He also shared the following:
“During this early initiation of Binance Singapore, we encourage our Singaporean community to share feedback and relay any user-specific issues to our customer service team for support.”
News outlet, Tech Crunch has also reported on this matter and has since quoted a representative of Binance referring to some of its readily available features and future goals. Here’s a quick extract:
“BTC/SGD is the initial pair Binance Singapore is offering […] there may be more pairs added as regulation allows. Binance Singapore has full deposit/withdrawal functionality […] In partnership with Xfers, we will work together to build a key fiat gateway that will grow the industry.”