Crypto firms and exchanges are becoming the news headlines for layoffs, budget reductions, etc. for the ongoing market downturn. But Binance is giving surprises with its jaw-dropping announcements. The major digital currency exchange has started its Singapore chapter with the introduction of a new crypto exchange. A leading tech news agency reported the news on 23rd April.
Presently the platform is allowing to trade only one trade pair which is unlikely to other Binance exchanges. In this exchange, the user will get to buy only Bitcoin that too at a pre-set rate. The exchange will not allow its user to pull out the assets for a while after the launch.
The venture capital company Vertex has invested in the Binance project followed by its launch. The exchange has been beta testing its services in the country from the last few months of 2018 and was in talks with the regulatory body of the country.
The exchange has introduced fiat trading pair for its Singapore exchange which is a significant step to motivate the investors. The CEO of the exchange also believes it is an excellent way to attract institutional traders. For the previous few months, the platform has been working hard to gain legitimacy and work in regulated guidelines.
This is the third venture of the company outside Malta after Uganda and Jersey. The company is planning for its new exchange in Lichtenstein as well.
Binance has always offered a vast range of choice for its customers, but in the Singapore exchange, they have fallen short to keep up to the customer expectations.
The exchange has joined a cryptocurrency startup Xfers to launch its business in Singapore. The startup had previously worked with Coinbase to initiate their business in Singapore. Last year Coinbase ended their partnership with the aforementioned startup and had shut down their exchange in Singapore.
On the eve of the launch of Singapore exchange, Binance spokesperson said they are happy to bring blockchain technology to the county and is looking forward to showcasing the tier one security and safety of the exchange to the world. They are starting the business with BTC/SGD pair but will be adding many more pairs as and when regulatory authorities allow them to do so.
He further added the exchange has full deposit and withdrawal facility. For any specific issue, the customers are requested to contact customer care.
The company has also announced its decentralized transaction platform DEX. DEX will be available to the public after a few months as it is under two months testnet.
