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.
The Binance Singapore website suggests that the service is being offered in conjunction with Xfers, a local payment service that claims to offer a crypto wallet 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.
A spokesperson told TechCrunch: “Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”
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.