Binance Launches In Singapore, Offers Just One Trading Pair
Binance has launched a new cryptocurrency exchange in Singapore.
Users of the platform are only able to purchase bitcoin (BTC) using Singapore dollars (SGD,) meaning far fewer trading pairs are available for consumers compared with the company’s main exchange.
The Binance Singapore website opines that the service is being offered in conjunction with Xfers, a local payment service that claims to offer a crypto wallet approved by Singaporean regulators. Three steps are listed for new customers: creating an account with Binance Singapore, linking their Xfers account, and beginning to buy and sell bitcoin as they wish.
A spokesperson told TechCrunch: “Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”
CEO Changpeng Zhao (CZ) had said Binance was planning to open the branch in Singapore at some point this month — but further details about the fiat-to-crypto exchange service were not forthcoming.
Binance is the world’s second-largest crypto exchange by trading volume.