Major cryptocurrency exchange Binance announced the expansion of its fiat-enabled trading platform in Singapore in a press release shared with Cointelegraph on July 10.
Binance Singapore has been first launched in April, but with limited functionalities and only one trading pair. Now, Binance Singapore will now allow users to buy and sell cryptocurrency for Singapore dollars. Currently, local users can buy Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) on the platform, with more crypto coming in the future.
The platform reportedly allows for instantaneous deposits and withdrawals via the Singapore Fast and Secure Transfers system. Furthermore, since its soft-launch in April, the exchange has allegedly perceived “user growth of about 20 percent per week with rapid ramp up in trading volume.“
The new exchange intends to expand its services in partnership with venture capital firms Vertex Ventures China and Vertex Ventures Southeast Asia and India. The author of the press release also claims that “Binance Singapore currently charges the lowest trading, deposit and withdrawal fees in the Singapore market.”
The contained fees are reportedly merit of the exchange’s infrastructure and its local payments partner Xfers, a Singapore fintech startup.
Binance has launched its fiat-to-crypto exchange in Uganda in October last year, supporting deposits and withdrawals of Ugandan shillings.
As Cointelegraph reported earlier today, U.S.-based Binance competitor Coinbase, is reportedly looking to launch a captive insurance company.