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Binance Singapore Launches But Provides Limited Features


One of the largest cryptocurrency exchanges by trading volume, Binance has launched a new cryptocurrency exchange in Singapore. The global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies launched its new platform with limited features after several months of anticipation.

According to the report, customers of the platform will able to purchase Bitcoin [BTC] using Singapore dollars [SGD]. Only very few pairs are available for customers compared with the Binance’s main exchange.

Reportedly, the Binance Singapore website indicates that the service is being provided in concurrence with a local payment service, Xfers that claims to provide a crypto wallet approved by Singaporean compliance and regulators. According to the website, there are three steps provided for new customers - creating an account with Binance Singapore, linking their Xfers account, and starting to trade bitcoin according to customers willing.

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 CoinMarketFeed reported earlier in April, CEO and Founder of Bunance, Changpeng Zhao [CZ] had revealed that Binance was planning to launch the branch in Singapore later this month, but not much details was provided about the fiat-to-crypto exchange service.

Earlier in April CoinMarketFeed reported Binance is undertaking on a multi-pronged force to improve compliance strategies across its platform.

Considering the compliance push in mind, Malta-based cryptocurrency exchange Binance announces a new collaboration with the blockchain analytics firm CipherTrace to boost anti-money laundering [AML] methods like tracing the source of on-chain funds and matching customer IDs to complicated wallet addresses with problems.

On April 23, Binance announced it has launched its decentralized trading platform (DEX) before the schedule time. Binance chain went live one week after the native blockchain that will power it.

According to the official announcement, Binance’s decentralized trading platform DEX trading is going to be available to the public at a later date.