As per the reports, the world’s largest Cryptocurrency exchange by daily trading volume, Binance has officially set up a platform for buying and selling Cryptocurrencies in Singaporean Dollar (SGD) which was long awaited. Thus, expanding its territories across the Asian countries including Hong Kong and Taiwan is one biggest step. Binance Singapore had been in the pipeline since September 2017. In fact, the platform’s CEO Changpeng Zhao, who is famously known as CZ, has revealed during an event at Consensus Singapore, which closed beta testing for its Singapore chapter was in progress. In April 2017, the project had materialized in the form of a soft launch of Binance Singapore, that enabled the users in the country to purchase and sell crypto assets with the Singaporean Dollar (SGD) via the Fast and Secure Transfers electronic funds transfer system or FAST.
The beta version of Binance Singapore bore minimum differences from the original one, in the point that it offers a limited choice of crypto assets on sale as opposed to what the platform’s users are accustomed to. Another rather stark difference that goes against the very basis of Binance’s rise to fame is that the beta version of the Singaporean venture (SGD) allowed customers to purchase only Bitcoin and that too at fixed prices. However, the officially launched version of the platform allows the users to buy and sell Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) against Singaporean Dollar (SGD). The platform further plans on adding more variety of Cryptocurrencies in the future for more convenience.
Binance Singapore has been launched in partnership with the Vertex Ventures, which is a global tech-focused venture capital network with divisions in Silicon Valley, Israel, China, and Southeast Asia & India. For the cause of the Singapore project particularly of Binance, Ventures China and Vertex Ventures Southeast Asia & India have teamed up. Additionally, the Binance venture has another partnership for its Singapore venture; Xfers that is a crypto-based startup in Southeast Asia. Ironically enough it has previously offered its services to help Coinbase, Binance’s U.S-based rival, in order to set up services in Singapore. However, as per the reports, Coinbase stepped out of both, the partnership and the country last year because of the startups’ alleged inability to the exchange’s growth. Xfers’ history with Coinbase puts a question mark on Binance’s choice of partner; however, the exchange cleared it out that Xfers is now capable of handling large volumes required for the success of Binance Singapore. How Binance gets on with the startup, or will it follow the same path as that of Coinbase is what to be seen next.
Since Coinbase exited Singapore, hence is providing the ideal market for Binance to enter into the new market. Although the existing demand plays a key role while setting up into a new region, CZ emphasized that alone was not the only reason to move into Singapore. Zhao gives more weight to a progressive regulatory environment in the decision-making process of the company when entering into a brand new market. The government of Singapore has been focusing on the Cryptocurrency ecosystem during the past couple of months. Reportedly, they are seriously considering imposing changes to the existing crypto related policies of the country in order to facilitate better growth of the blockchain and as well as the crypto sector.
Only earlier this week, the country made news as it unveiled its plan to lift the double taxation on various Cryptocurrency assets. The Inland Revenue Authority of Singapore (IRAS) has released an e-Tax draft on “digital tokens”, according to which they intended on removing the double taxation on the majority of the crypto assets including Bitcoin, Ethereum, and Litecoin. Because of the country’s welcoming approach towards the latest technologies and a favorable regulatory framework, several blockchains and crypto related companies have entered into the Singapore market. CZ, during an interview, has shared:
The Cryptocurrency exchange has managed to expand into varied markets and the Singapore venture marking Binance‘s third fiat centric effort following its exchanges in Uganda and Jersey. In the latest market, Binance is doing great as the user base for the beta version of Binance Singapore grew by around 20 percent each week with a substantial increase in daily trading volume.
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