Binance, the world's largest cryptocurrency exchange by adjusted trading volume, has officially launched its new crypto-fiat platform in Singapore, the company has reported today on its official blog. The platform had been operating with a limited number of services since April.
Binance Singapore will allow its users to buy and sell cryptocurrencies directly with the Singapore dollar.
The platform will initially support bitcoin, ethereum and BNB, Binance's native token. However, the company plans to add more assets to the platform as the local market grows.
All deposits and withdrawals are possible 24/7 thanks to FAST, Singapore's electronic funds transfer system.
The user base of Binance Singapore, which has been operating since April this year with a limited number of services, has been increasing by around 20% every week.
Binance CEO Changpeng Zhao said:
"We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner."
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