Binance and Vertex Ventures officially launch the fiat-to-crypto exchange in Singapore


Binance and Vertex Ventures officially launched a fiat-to-crypto platform in Singapore under the name Binance SG. It is a major step ahead taken by the two large companies that worked together to develop and improve the cryptomarket and blockchain space in Singapore.
For Binance, the most influential crypto exchange in the world, this new launch indicates the high interest for the South-East Asian region, though at the moment traders and investors from Singapore will only be able to deposit Singapore dollars (SGD).
Binance SG has initially experienced a soft-launch in April managing to increase its user base and attracting more and more local traders. The platform offers a fast deposit and withdrawal method via Singapore FAST permitting users to engage in very fast bank transfers of SGD.
At the moment, traders that access the new Binance platform will be able to purchase Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
Binance exchange reps mentioned that new trading pairs will become available in the following period as right now they are very much interested to comply with all regulatory concerns from national agencies involved in the process.
Singapore is recognized for being a crypto-friendly country that offers low fees for companies opening new businesses on the island while working to create an approachable framework for blockchain-based projects.
Binance CEO, Changpeng Zhao, already expressed his satisfaction for the way the new Singapore crypto platform has been received by the local traders and investors that can very easily deposit and withdraw fiat. At the same time, Vertex Ventures opened many doors in the local community and their expertise in regulation matters proved essential for the new exchange.
Though Binance SG is the 3rd fiat-to-crypto exchange opened this year – after the ones in Uganda and Jersey Island – the latest platform is probably more relevant for the blockchain industry and cryptomarket development as Singapore is popular worldwide for its open business environment and the interest for advanced technologies.

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