Binance Is Setting Up Shop in Singapore This Month
The news was announced Thursday by Binance CEO Changpeng “CZ” Zhao at the Deconomy event in Seoul, South Korea, in a tweet on the exchange’s account that said:
#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD [Singapore dollar].
No further details were provided, such as which cryptocurrencies will receive trading support.
The plan to set up the new trading platform was first revealed by Zhao in September at CoinDesk’s Consensus event in Singapore. At the time, he said that Binance plans to launch fiat-to-crypto exchanges on almost every continent.
The firm said in a Medium post last October that it was setting up the operation with the help of an investment from with Vertex Ventures. It added that beta testing for the platform was already in progress in September.
As pledged, Binance has been rapidly expanding its operations globally. In January, it launched a fiat-to-crypto exchange on the island of Jersey, a British self-governing dependency, allowing users to trade bitcoin and ethereum against the British pound and the euro. It also launched a fiat-to-crypto exchange in Uganda last summer.