Binance Launches Beta Version of Its Singapore Fiat Exchange

Changpeng Zhao, CEO of cryptocurrency exchange platform Binance, slipped Saturday, Sept. 15, that his company would be launching a fiat cryptocurrency exchange in Singapore today.

I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days.

Per his remarks and tweets, the exchange will start off in an invitation-only, beta testing phase before opening up to a wider audience.

Exchanges like this allow people to trade fiat currency for cryptocurrencies like Bitcoin and Ethereum.

The announcement follows Binance's opening of a fiat-to-cryptocurrency Lichtenstein exchange, named Binance LCX, last month.

The company's Singapore exchange may offer members a fiat-to-fiat currency exchange opportunity, allowing for greater flexibility across currencies and better exchange rates.

The interbank exchange rates offered through Binance's direct exchange allows customers to keep more of their money than typical exchange rates.

As of last month, Binance was the world's second-largest cryptocurrency exchange by daily volume, with exchanges in Uganda, Malta and South Korea, among others.

With this global expansion and further ventures planned for Africa, Binance is definitely making good on its company motto: "Exchange the world."

Big players in the tech space have shown faith in both Binance and Zhao, with TechCrunch founder Michael Arrington describing Zhao as "The real f*cking deal" and an "Industry titan." Arrington had the chance to talk with Zhao in Lichtenstein and was, apparently, thoroughly impressed, even hinting in a blog post that his digital asset management firm could work with Binance in the future.