Top crypto exchange Binance has launched its highly anticipated new arm, Binance Singapore. Currently, the new exchange is said to have limited features.
According to a recent report announcing the launch of the exchange, users of the platform can only make trades using a single trading pair BTC/SDG. Going by the information found on Singapore exchange official website, the new service is being offered in conjunction with Xfers, a local payment service that claims to offer a crypto wallet and is also approved by the Singapore authorities.
For new customers, the following steps are listed to begin has starting points.
* Creating an account with Singapore exchange
*Linking their Xfers account
*Beginning to buy and sell bitcoin as they wish.
“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.” a spokesperson said
Earlier this month, Binance CEO Changpeng Zhao (CZ) revealed that the exchange will be launching its Singapore arm before the month comes to an end. He didn’t give the precise date for this, or any further details about the fiat-to-crypto exchange service.
The development of the platform which began last year entered its beta testing phase in September. The following month, Vertex Ventures, a subsidiary of Temasek Holdings — an investment company based in Singapore and owned by the government — revealed that it will be investing in Binance Singapore.
Two days ago, the exchange announced the launch of its decentralized trading platform (DEX). This announcement came just one week after the native blockchain that will power it, Binance Chain, went live. Although now live, trading on the Binance DEX is expected to begin on a much later day.
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