Binance to Open Fiat-to-Crypto Exchange in Singapore

The exchange aims to dominate the fiat-based crypto trading market.

Binance has announced that it is opening a new fiat-to-crypto exchange in Singapore.

Earlier today in a tweet, the global crypto exchange revealed that it is planning to start the trading operations in the new exchange later this month.

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However, the exchange did not provide any additional details about its upcoming subsidiary.

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This decision by Binance was not abrupt as in October last year the exchange already announced that it had received funds from Vertex Ventures to expand its crypto-to-fiat services in Asia. The exchange specifically mentioned Singapore as the hub for its new exchange.

“Southeast Asia is a hotbed for significant growth. Over the past few years, the region registered some of the best economic growth rates in the world,” Binance noted at the time.

“For this region, there’s no better gateway to Southeast Asia than Singapore…The multicultural country, whose role as finance hub is fueled by significant innovation, has begun to play a significant role in the blockchain sector. From its businesses to the government, Singapore has shown tremendous support for blockchain and distributed ledger technology.”

An Exchange in Ever Continent

Binance is one of the largest crypto exchanges in the world handling billions worth crypto trades every day. Its primary exchange lists cryptocurrencies against other major cryptos and against stable coins to replicate stability of fiat tradings.

The crypto exchange first offered crypto-to-fiat trading by opening a subsidiary in Uganda last year. Later, the company set up a base in the channel island of Jersey to offer similar trading services against euro and pound sterling.

With Singapore in the list, Changpeng Zhao, CEO of Binance, is heading towards fulfilling his plans to open a crypto exchange on every continent, which he revealed in a blockchain conference last year.

Last month, Finance Magnates reported that the crypto exchange allows its Australia-based clients to buy Bitcoin with fiat through its news subsidiary named Binance Lite Australia.

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