Binance Reveals Launch Plans For Singapore Dollar (SGD) Fiat Exchange On September 18
Changpeng Zhao (@CZ_Binance) just revealed huge information about Binance’s plans for future growth. CZ let it slip that the world’s largest cryptocurrency exchange plans to begin Singapore fiat exchange live money closed beta testing on September 18.
CZ let the news slip during the second day of the Cumberland Summit, a crypto industry conference taking place this weekend in Singapore. The summit features Tyler Winklevoss, representatives from Binance, Thomas Lee from Fundstrat, and other major names in the crypto space.
After letting the news slip during the conference, CZ confirmed the news on Twitter:
— CZ Binance (@cz_binance) September 15, 2018
For now, the SGD pairs will be exclusively available in closed beta, starting on September 18, and it’s unclear when the rest of the Binance community will have access to the pairs.
It’s important to note that other exchanges already offer Singapore Dollar pairs. Liquid, for example, offers SGD/BTC and SGD/ETH pairs.
The fact that Binance is launching SGD pairs, however, is huge news. Binance is the world’s largest cryptocurrency exchange by trading volume, typically processing about $1 billion USD of crypto transactions every day.
Today, the exchange’s most popular pairs include BTC/USDT, ETH/USDT, and EOS/USDT. Unlike other major exchanges, Binance does not offer fiat currency pairs. Yes, you can trade USD Tethers for crypto, but you can’t directly trade crypto for fiat currencies like the USD.
This is exciting news for traders in Singapore who have been waiting for Binance to support the Singapore Dollar (SGD). Stay tuned for more information as Binance’s Singapore Dollar exchange platform goes through its private beta.