In line with a recent official press-release, leading cryptocurrency exchange named ‘Binance’ has revealed the expansion plan of its fiat-enabled trading platform for Singapore.
Binance Singapore was primarily ‘launched‘ earlier in April, however with restricted functionalities and solely 1 trading pair. Now, Binance Singapore permit its users to purchase and sell cryptocurrency for Singapore dollars. Presently, native users can purchase Bitcoin [BTC], Ethereum [ETH] and Binance Coin [BNB] on the platform, with support for additional cryptocurrencies arriving within the coming days.
The platform reportedly permits instant deposits and withdrawals via the Singapore Fast and Secure Transfers system. Moreover, since after its soft-launch earlier in April, the exchange has allegedly perceived “user growth of over 20% per week with quick rising volumes in trading volumes.“
The new exchange intends to expand its services in collaboration with the venture capital firm Vertex Ventures China and Vertex Ventures Southeast Asia & India. The press-release conjointly claims that “Binance Singapore presently charges the cheapest trading, deposit and withdrawal fees within the Singapore market.”
The contained fees are reportedly benefit of the exchange’s infrastructure and its native payments partner ‘Xfers’ – which is a Singapore based fintech startup.
Binance exchange has also ‘launched‘ its fiat-to-crypto exchange in Uganda earlier in October last year, supporting deposits and withdrawals of Ugandan shillings.