The largest cryptocurrency exchange Binance announced the launch of a new Singapore branch, which will be the third branch of the company.
The test launch of the site took place back in April, after which Binance Singapore’s client base grew by 20% weekly. At the start, users will be able to trade in three cryptocurrencies – BTC, ETH and BNB. Over time, other assets will be added to the site.
“The positive market response to Binance Singapore is connected with our strategic investment partner,” said Binance CEO Changpeng Zhao.
We are talking about the company Vertex Ventures, which invested in the opening of Binance Singapore in the fall of 2018, while the amount of funding was never disclosed. Binance also collaborates with local fintech-start-up Xfers, thanks to which the exchange will be able to reduce commissions for trading operations.
It should be noted that Singapore regulators took a position quite favorable for cryptocurrency, and blockchain companies began to actively develop in the city-state. So, the other day, the former CEO of mining giant Bitmain announced the launch of a cryptocurrency platform Matrixport, headquartered in Singapore.
In addition, as previously reported, the tax service of Singapore proposed to exempt from goods and services tax (GST) operations with cryptocurrencies, which are intended to be a medium of exchange.
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