Binance to Start Closed Beta Testing of New Crypto-Fiat Exchange in Singapore

Binance, the largest global crypto exchange, will soon start private beta testing a crypto-fiat exchange in Singapore, as Binance co-founder and CEO Changpeng Zhao tweeted on September 15.

"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!".

According to Finance Magnates, prior to posting the news on Twitter, CZ first revealed the plans to launch the fiat exchange while speaking at a recent blockchain event led by crypto assets-specializing firm Cumberland.

The conference also featured another disruptor of the industry - Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini.

While no further details have been specified, the crypto-fiat Singapore-based exchange will presumably support the local Singapore dollar, Finance Magnates notes.

In mid-July, Singapore was ranked the third most favorable country for Initial Coin Offerings in terms of the number of top global ICO projects.

Earlier this week, Binance signed a Memorandum of Understanding with the Malta Stock Exchange's fintech and digital asset subsidiary, MSX PLC, to launch a new security token digital exchange.

Earlier in August, Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange, announced the launch of crypto-fiat exchange in Liechtenstein to enable trading between Swiss Francs and euros against major digital currencies pairs.