Binance expands in Singapore
Binance, probably the largest crypto exchange in the world, announces that it will expand its operations in Singapore.
From now on, Singaporean users will be able to buy bitcoins and other cryptocurrencies (and of course Binance Coin) by using the local currency, the Singaporean Dollar. Apart from that, Binance announces that it will use the internal system FAST, which is used from Singaporean banks, which will allow the immediate deposits and withdrawals in Binance accounts.
Binance has tested the Singapore market last April, by launching a limited version of the platform. Within this time frame, Singaporean users rose by 20 %, making Binance to take the decision to go for full mode in Singapore. The expansion in Singapore is part of the funding from Vertex, which will be headed for expansion in Southeast Asia and India. Although, the amount of funding from Vertex remains undisclosed.
The platform develops partnerships with local startups, like Xfers, which allows it to maintain the lowest transactions fees in the Singaporean markets. The expansion of Binance in Singapore came after 6 months from the Binance’s expansion in Europe, giving the opportunity to its users to transfer capitals with Euro or British Pound.