Binance has announced the expansion of its fiat-based trading platform to Singapore.
The new platform will allow users to buy and sell cryptocurrencies such as bitcoin (BTC), ether (ETH), and binance coin (BCB) using the Singapore dollar (SGB). Using the Fast and Secure Transfers (FAST) system, an electronic funds transfer service from the Association of Banks in Singapore, the exchange will reportedly enable instantaneous deposits and withdrawals.
Binance Singapore had a soft launch in April with limited functionalities, and since has seen an average of 20 percent user growth. The exchange will expand its services through its partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India. Vertex made an undisclosed strategic investment in Binance in 2018.
The trading exchange also has a partnership with Xfers, a local fintech startup, to ensure that Binance has the lowest trading fees of any Singaporean exchange.
In January 2019, Binance opened a similar expansion in Europe, allowing users to trade cryptocurrencies against the euro and British pound.