Binance Singapore Launches, But Only Offers One Trading Pair
Leading cryptocurrency exchange Binance has launched a new cryptocurrency exchange in Singapore. This news comes via a report by TechCrunch published yesterday, which generally characterized the long-awaited exchange’s offerings as disappointing.
Currently, the platform enables users to buy Bitcoin (BTC) using Singapore dollars (SGD), but that is the only trading pair using the country’s native currency. Far more fiat trading pairs are available in the majority of the other countries in which Binance is live. If Singapore-based users wish to purchase any altcoins, including high market cap tokens like Ether (ETH) and Ripple (XRP), they must first purchase Bitcoin, then use that Bitcoin to trade into the other coins.
According to the Binance Singapore website, the Bitcoin-buying service is offered in tandem with Xfers — a local payment service claiming to offer a crypto wallet approved by the country’s regulators. In order to purchase Bitcoin on the Binance Singapore site, users must first link their Xfers account.
Said a company spokesperson to TechCrunch:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”
Essentially, the company will look to expand its offerings in Singapore over time. In fact, offering a variety of fiat-crypto trading pairs has been one of Binance’s competitive advantages since its inception in early 2018.
Earlier this month, Binance CEO Changpeng Zhao (better known by his nickname, CZ), said that Binance was planning to expand into Singapore at some point in April. This past September, CZ divulged that private beta testing for the exchange was underway.
As Bitcoin Center NYC reported in January, Binance was rumored to be opening fiat-crypto exchanges in eight countries (although the company would not confirm), including Singapore, and as Cryptos reported last month, CZ teased a forthcoming Argentina-based exchange.