Binance Launches Beta-Testing Currency For Singapore Fiat Exchange

Binance, the world’s largest cryptocurrency exchange company, is reportedly planning to open live cash trading for its forthcoming Singapore fiat-to-crypto exchange, beginning on September 18th.

According to Binance General Manager Changpeng Zhao, the news was first disclosed during a session at the Cumberland Summit in Singapore last week. This discussion was attended by key industry leaders, including co-owner of the recently opened Gemini Bitcoin Stock Exchange Tyler Winklewoss and Michael Arrington of Arrington XP Capital.

As Changpeng Zhao stressed, beta testing will be closed, and only invited users can participate in it. Currently, there is no information about which digital currencies will be available for trade at startup.

The news came just a month after Binance LCX, a joint venture of Binance and LCX, announced the launch of the upcoming fiat-to-crypto exchange in Liechtenstein.

Singapore acts as a promising focus of cryptoactivity, mainly because of the recently updated regulatory framework of the country, which is designed to stimulate innovation in the detachment.