Binance to Open Fiat Exchange in Singapore

CEO Zhao Changpeng announced the new venture at a Singapore event. Binance, the most-used cryptocurrency exchange in the world, is testing a fiat currency exchange in Singapore, according to CEO Zhao Changpeng.

He made the comment at a blockchain event in Singapore, then announced it on his Twitter profile.

Specifically, the exchange will open in beta – meaning invite-only users within a closed testing environment – on the 18th of September.

No further details have yet been released, but it is fair to assume that the Singapore dollar will be available.

Singapore and cryptocurrency

Singapore, a city-state with a population of around 5 million, is one of the ‘Four Asian Tigers’, meaning a country that has demonstrated dramatic economic growth. It has presented itself as an attractive location for multi-national businesses, for example by maintaining low taxes. The World Bank classified it (as of June 2017) as second in its ‘ease of doing business’ ranking (first place was New Zealand, third Denmark).

Cryptocurrency, however, is not considered legal tender. According to local law firm Colin Ng & Partners, cryptocurrency exchanges are not recognised/approved as monetary exchanges by the Monetary Authority of Singapore, but can operate as long as they comply with AML and CFT requirements.


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