The world's largest crypto exchange, Binance, will start a closed beta testing of a new cryptocurrency exchange in Singapore on September 18. The announcement has been made by Changpeng Zhao, Binance CEO on Twitter.
The new exchange will initially operate in beta testing mode with an unspecified number of users who have received an invitation. Zhao did not disclose any details, except that the fiat currency will appear in the trading pairs. Apparently, this will be the Singapore dollar.
I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS
— CZ Binance (@cz_binance) September 15, 2018
Singapore is considered to be one of the most crypto-friendly countries. In the beginning of the year, the city-state government confirmed that it sees no reason to prohibit cryptocurrency tradings. Earlier, the head of the Monetary Authority of Singapore (MAS), de facto the Central Bank of the country, Ravi Meno said that he saw no reason to regulate cryptocurrencies.
WHY IS IT IMPORTANT?
- In August, Binance LCX, a joint venture between Binance and LCX, saw the light. This crypto-fiat exchange will allow users to perform transactions with cryptocurrencies in pairs with euro and Swiss franc.
- A little earlier, an agreement has been signed between Binance and the financial-division of Malta Stock Exchange MSX PLC. Within the framework of the new partnership, a digital exchange for Security Tokens will be created.