By Binance recently announced that they are ready to unveil their fiat currency exchange which will be based in Singapore. Binance CEO Chanpeng Zhao made the announcement this past weekend while attending the Cumberland Summit as one of the speakers.
CZ went on to reveal that the new exchange is currently in an under-invitation only beta testing phase.
Zhao also, right after his announcement posted the news to his Twitter account where he revealed that beta testing will begin tomorrow 18 September.
Singapore And Fiat Exchanges:
Currently, very little has been revealed to the public about the operational framework of Zhao’s fiat exchange, but so far speculation has it that it will likely offer Singapore dollar trading pairs. As we know, fiat to fiat exchanges are still in their infancy in the world of crypto and remain untested in the “wild”. From Binance’s point of view, the opening of a fiat to fiat exchange improves the user experience for investors and consumers by providing a means for them to effortlessly convert an array of fiat currencies and make direct transactions from the exchange account using whichever new currency they choose.
Notably, fiat to fiat exchanges traditionally make use of interbank exchange rates as opposed to retail exchange rates meaning users get more bang for their buck,
But why Singapore? Binance’s choice of basing their exchange in Singapore comes with no surprise as we know that over the last few years, Singapore has become one of the largest cryptocurrency hubs in the world, up there with South Korea, Hong Kong, Malta and the USA.
Singapore has become one of the central hubs of global crypto innovation due to the country’s relaxed regulatory environment and its ever-growing economy. However, it must still be noted that Singaporean authorities do not regulate crypto exchanges because digital currencies are still not recognized in the state as such exchanges are required to abide by AML and CFT regulations.
Binance, the ever-expanding behemoth.
Binance has on many occasions been touted as the world’s biggest crypto exchange by volume and has experienced their best year to date despite the fluctuations in the crypto market.
They have since the blanket ban on crypto in China set out on a mission to drive global expansion in countries like Uganda, Malta, Liechtenstein, and South Korea.
Binance also recently revealed their strategy for their expansion plans across Africa which many companies and industry leaders see as crypto’s final frontier with the continent having massive potential due to the underdeveloped financial systems in many countries. Binance currently has a daily volume that often reaches up to $1 billion and their exchange bares market-leading liquidity for a huge number of trading pairs.
Do you think the appearance of fiat exchanges in the world of cryptocurrency is the next big leap? Let us know your thoughts.
Follow CoinBeat on Facebook, Twitter & Telegram
Subscribe to our CoinBeat Newsletter
Submit an article to CoinBeat
View live Marketcap Prices here
Comments