Fiat to crypto exchange from Binance goes live in Singapore

Exchanges Regulation

Binance, probably the most influential crypto exchange in the world, launched its new fiat-to-crypto platform in Singapore.

Binance has announced several months ago that the Singapore platform should arrive in the first months of 2019 allowing Singapore residents use their national currency to purchase Bitcoin.

Binance used to offer on its main platform only crypto-to-crypto options forcing users to deposit money on other exchanges in order to purchase Bitcoin (or Ethereum), which they could afterwards send on the main Binance platform for buying less popular digital currencies.

To address this inconvenience, over the last months, Binance started to open fiat-to-crypto exchanges in multiple locations all over the world, such as Jersey Island, Uganda and now Singapore. In Australia, Binance recently launched Binance Lite which allows customers buy Bitcoin from more than 1,300 street shops with cash.

We also have to mention the Simplex partnership from Binance’s main platform according to which users can now acquire a number of popular cryptocurrencies by using their credit cards, though one might argue that transaction fees are not that light comparing to traditional bank deposits.

It is an interesting period for the company as Binance Chain mainnet just went live these days representing a major step ahead for the native Binance Coin which is sure to remain one of the most successful cryptocurrencies of 2019. Furthermore, Binance DEX (Decentralized Exchange) has been built on top of Binance Chain.

But Binance is not only considering average users, but major institutional investors from the traditional financial world whose arrival will bring substantial volumes of liquidity into the market pushing the technological evolution and the overall prices. Binance representatives already mentioned in this direction that institutional trading increased by almost 50% in the last 6 months only.

As more and more capital pours into the crypto market from traditional financial investors, the blockchain world becomes increasingly regulated and predictable allowing large investment companies and private players access the industry and build better products and services.

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