Binance Singapore Adds Two New Singapore Dollar Trading Pairs With Ethereum And Binance Coin
New Trading Pairs On Binance Singapore
These new trading pairs (BNB/SGD and ETH/SGD ) will be added to the BTC/SGD trading pair which was the only pair enabled on the exchange when it first launched in Singapore towards the end of May 2019. Via Twitter Binance Singapore stated:
“You got it!!! We have opened trading for BNB/SGD and ETH/SGD trading pairs on Binance.sg,”
The CEO of Binance, Changpeng Zhao on the 3rd of April 2019, stated that Binance Singapore will go live in April 2019 and be an additional to the two other Binance outlets (Uganda and Jersey) which supports fiat. The launch of Binance Singapore was later moved to May 2019.
Binance And Xfers Partnership
The Binance Singapore fiat support is made possible through a partnership with a Singapore based payment services provider, Xfers. This collaboration with a local payment service provider like Xfers, as stated by Changpeng Zhao, is to build a significant fiat gateway.
The Singaporean government seems to have since been a supporter of Binance Singapore. In 2018, Vertex, a subsidiary of Singaporean government owned Temasek, invested in Binance, which was perceived as a way to aid Binance set up in the country.
Binance Coin Listings
BNB, though the proprietary coin of Binance, the exchange seeks to improve adoption and trading of the asset by BNB being listed on other exchanges.
Some cryptocurrency exchange platforms have already listed BNB for trading, some of which Include :
The Binance DEX (Decentralized Exchange) was launched on the 20th of February 2019 for public testing. This decentralized exchange runs on the Binance Chain, the public blockchain owned by Binance.
“Binance Chain is a blockchain project initiated by Binance and has since involved a whole community of Binancians. … To ensure the creation of a blockchain that will serve as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner.”
Binance May 2019 Hack
Early last month, Binance witnessed a huge loss of 7000 BTC worth about $41 million from a hack on the network, however the exchange needs to be applauded for its transparency and diligence during this period.
The deposits as well as withdrawal capabilities of the exchange were disabled after the hack, and instead of covering up what had happened, the exchange was quick to admit that there was a security breach. Then an investigation and series of updates were carried out to prevent future hacks.
Users who had lost their funds in the hack were covered by the Binance Secure Asset Fund of Users (SAFU), which was put in place to compensate customers in events such as this.