After months of waiting, Binance has finally launched its new cryptocurrency platform in Singapore. However, the new exchange only has limited features at the moment.
According to Wei Zhou, Binance’s CEO, the platform’s users can only use Singapore dollars (SGD) to purchase bitcoins (BTC). It means consumers will have few trading pairs open to them as opposed to what’s available on Binance’s main exchange. However, Zhou assures consumers that more currencies will be integrated as soon as regulations allow.
Binance Singapore’s official website states that the service is offered along with Xfers. The latter is a local payment company that claims their crypto wallet on offer is approved by the country’s regulators. The site also explains what steps new cryptocurrency customers should do. It lists that they should create a Binance Singapore account, link it to their Xfers account, and start buying and selling bitcoin.
Virtual Fiat Gateway
Zhou told media outlet Cointelegraph that Binance and Xfers are collaborating on developing a vital fiat gateway. He also stated that Binance’s Singapore’s crypto platform has full functionalities and that they’re encouraging Singaporeans to provide the company’s customer service team with feedback and comments regarding specific issues they encounter as a client.
Binance CEO Changpeng Zho revealed the company’s plans to open a Singaporean branch early last month. However, he made no comment about the fiat-to-crypto exchange. He also shared Binance’s beta testing phase on this project on September of last year.
Binance is getting solid support for its Singapore expansion. Vertex Ventures announced late last year of its plans to invest in Binance in a bid to power its expansion.