This article has been updated to include comments from Binance CEO Wei Zhou and to remove an inaccurate reference to Xfers offering a cryptocurrency wallet.
Users of the platform are only able to purchase bitcoin (BTC) using Singapore dollars (SGD,) meaning far fewer trading pairs are available for consumers compared with the company’s main exchange. Zhou noted that additional currencies will be added as regulations allow for it.
The Binance Singapore website suggests that the service is being offered in conjunction with Xfers, a local payment service approved by Singaporean regulators. Three steps are listed for new customers: creating an account with Binance Singapore, linking their Xfers account, and beginning to buy and sell bitcoin as they wish.
In a comment to Cointelegraph, ZHou said that Xfers and Binance are working together in order to build a key fiat gateway.
Zhou also noted:
“Our SGD fiat-to-crypto platform has full deposit and withdrawal functionality. During this early initiation of Binance Singapore, we encourage our Singaporean community to share feedback and relay any user-specific issues to our customer service team for support.”
As Cointelegraph reported earlier in April, CEO Changpeng Zhao (CZ) had said Binance was planning to open the branch in Singapore at some point this month — but further details about the fiat-to-crypto exchange service were not forthcoming. Last September, he revealed that private beta testing for the service was about to begin.
Vertex Ventures, a subsidiary of Temasek Holdings — an investment company based in Singapore and owned by the government — announced last October that it was investing in Binance to fuel its expansion to the country.
At press time, Binance is the world’s second-largest crypto exchange by trading volume, according to CoinMarketCap.
Although Binance DEX trading is only going to be available to the public at a later date, a two-month testnet period has reportedly seen 8.5 million transactions run across a simulated trading environment.