The world’s largest cryptocurrency exchange, Binance, will begin testing a fiat exchange in Singapore on September 18th. The closed beta testing will see only invited users.
Closed Beta Testing Set to Begin
Binance, which saw an exchange-traded volume of over $855 million in the last 24 hours, according to data from CoinMarketCap, will begin testing a fiat exchange in the city-state of Singapore.
“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!” tweeted Changpeng Zhao, the CEO of the exchange September 15th.
— CZ Binance (@cz_binance) September 15, 2018
No further details were provided. The major cryptocurrency exchange, however, has been fairly active recently. The company recently outlined that it has no plans of launching an IPO. At the end of August, though, Binance launched a huge incubator platform which offers $500,000 to eight to ten blockchain startups every 3 months.
Singapore: A Favorable Destination
The city-state of Singapore is becoming a favorite destination for cryptocurrencies. Back in May, the Monetary Authority of Singapore (MAS) proposed legislative changes which would purportedly accelerate the launch of blockchain-related exchanges.
Furthermore, MAS, alongside the Singapore Exchange (SGX), announced a prominent collaboration with major companies such as Anquan, NASDAQ, and Deloitte, aimed at developing an exchange and final settlement of cryptocurrencies and security assets.
However, according to a local law firm, cryptocurrency exchanges have yet to be recognized and approved as monetary exchanges by MAS. Nevertheless, they can still operate on the market as long as they manage to comply with requirements regarding Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) legislation.
What do you think of Binance’s intentions to test a fiat exchange in the city-state of Singapore? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock and Twitter/@cz_binance.