The Chief Financial Officer of Binance has announced that the cryptocurrency exchange giant is going to launch its new fiat-to-crypto exchange platform next week in Singapore. This will allow people in Singapore to buy or sell cryptocurrencies using Singaporean dollars. However, the platform is currently going to support buying and selling of Bitcoin only with a hint of possible addition of other cryptocurrencies in the near future.
Binance CEO Changpeng “CZ” Zhau told CoinDesk,
“Next week we are going to launch the Singapore simple buy/sell on-ramp. It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars… It will just be bitcoin, but we hope to add more [cryptocurrencies]. For a lot of these regulated jurisdictions, it’s easy to start with things that people know and understand and you can gradually build on that.”
Binance started its project of building this fiat-to-crypto platform in January when it collaborated with Simplex to allow traders to buy a wide range of cryptocurrencies using Visa and MasterCards. It also added Binance Lite in March which allowed the newsagents to buy cryptocurrencies from more than 1,300 locations across Australia. As mentioned in an article earlier, Binance was to launch DEX with Binance chain as its backbone.
The Binance CFO also hinted that they were planning to expand in the United States of America as well but did not furnish any further details regarding the same. It has extended to Uganda to provide financial support to the less fortunate. Their rapid expansion is also evident by the fact that they have moved into the United Kingdom via Malta.
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