In April 2019, Binance, the world's leading exchange in terms of trading volume, as per CoinMarketCap has officially introduced Binance Singapore (Binance SG) which will act as a fiat-to-crypto platform which enables users to apply for Singapore Dollars (SGD) in their purchase and sale of cryptocurrencies. Users can buy or sell crypto assets using FAST, referred to as Fast and Secure Transfers electronic funds transfer system.
Recently, Binance declared the official launch of Binance Singapore after teaming up with Vertex Ventures and Vertex Ventures Southeast Asia and India after going through 2 months of operation, during which it observed 20% growth per week along with an increase in daily trading volume.
By introducing the new gateway in Singapore, Binance expects that this is the first step towards “an increasingly robust, compliant and scalable presence in the region,” as per the press release.
The platform is hoping to add more cryptocurrencies soon, and also the team will be part of increasing market share. CEO of Binance Changpeng Zhao stated,
“We are humbled by the positive response to Binance Singapore thus far, which is largely due to our strategic investment partner.”
He further added,
“Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore's broader blockchain ecosystem.”
Chua Kee Lock, who is the managing partner at Vertex Ventures Southeast Asia and India, said that their main purpose is to develop a robust infrastructure that can withstand the highest level of security and compliance. Also, we are enthusiastic about carrying on the current momentum, which is a testament to the complex technology of Binance. He added, “There is much more to come from this partnership.”
Until now, Singapore has got a lot of attention from cryptocurrency and blockchain firms, because of the progressive environment which they have built along with the regulations. By introducing Binance Singapore, both Binance and Vertex expect that their compliance will become a model for upcoming platforms entering into space, following strict KYC/ AML policies in place.
Lately, Binance has been expanding its services and features along with the planned launch of stablecoins and bitcoin-pegged token on its own blockchain. The firm will also release Crypto Futures Trading with 20x Leverage.