Binance has been planning to set off with its fiat-crypto branch in Singapore for a long while and today, on July 10, is the day. In its corporate blog, the company has spread the word about the release.
Binance SG will be conducting crypto trades for local fiat currency (SGD). The company’s further plans go as far as increasing its Singapore DLT ecosystem with its new partner Vertex, which includes companies working in the Chinese, Indian and South-East Asian markets.
Binance’s targets in Singapore
The new platform works for Singapore citizens who can use SGD to make deposits and withdrawals via Singapore FAST online payments provider. The ‘soft launch’ took place in April this year.
So far, local traders can buy a limited set of crypto on the new platform, including BTC and BNB. Binance intends to add other digital assets later on. Binance SG positions itself as a secure and compliant company.
Binance has been paying much more attention to security after the recent hack in which it lost over $41 mln in Bitcoin – 7,000 BTC. As Cryptocomes reported earlier, recently, $9 mln in Bitcoin from this amount has been transferred by hackers to other wallets.
Binance and Vertex
The head of Binance, CZ, calls Vertex a major partner of Binance that works with regulators and banks in Singapore to enlarge the Binance DLT presence in the country and also beyond it.
It also engages the local community quite a lot.
Earlier this year, it was reported that Binance had launched a crypto-fiat exchange on the Island of Jersey (Binance Jersey) and also intends to set up similar platforms in South Korea, Russia, Turkey, Lichtenstein and Malta.