Binance to Launch a Fiat-to-Crypto Exchange in Singapore

Siamak Masnavi

On Saturday (15 September 2018), day two of the Cumberland Summit in Singapore, Changpeng "CZ" Zhao, co-founder and CEO of crypto exchange Binance, probably the world's largest crypto exchange by traded volume, "accidentally" revealed plans to launch a fiat-to-crypto exchange in Singapore. CZ said that a close beta test would begin on September 18th.

Later that day, the Binance CEO admitted to his mistake on Twitter:

This means that it is quite likely that the Singapore exchange will be launched before the end of the year, and that it will be offering SGD/BTC and SGD/ETH trading pairs.

It is not too surprising to hear that Binance has chosen to launch in Singapore, a global financial hub with relatively low taxes, a tech-friendly atmosphere, and a reputation as a good place to launch ICOs; a few examples of ICOs launched in Singapore are TenX, Golem, and Qtum. Coinbase, Gemini, and Huobi already have a presence in Singapore. Also, foundations for Litecoin, TRON, and VeChain are based here.

In June 2018, Japan's LINE Corporation announced that it was going to launch its own crypto exchange (called BITBOX) in Singapore; this exchange began operations on 16 July 2018.

On 11 September 2018, Malta Today reported that Binance had signed a memorandum of understanding with the Malta Stock Exchange to launch a new digital exchange for security token trading. 

Although yesterday's tweet by the Binance CEO was quite interesting, perhaps his most interesting tweet was posted on 12 September 2018, when he said that he disagreed with Vladik Buterin's view that the crypto space had reached a level of maturity that meant that "1000x price increases" were no longer possible:

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Poloniex Delists Digibyte (DGB) Hours After Founder Criticizes TRON

DigiByte (DGB), a cryptocurrency whose founder is well-known for criticizing projects like TRON and Binance, has been delisted from Poloniex shortly after a Twitter thread on TRON’s centralization.

On social media, Poloniex announced the delisting “after careful review” as the cryptocurrency supposedly isn’t “qualified” per its listing standard. The announcement came mere hours after DigiByte’s founder Jared Tate published a thread accusing TRON of centralization and criticizing the investment of Justin Sun – TRON’s founder – on Poloniex.

In his Twitter thread, Jared Tate claimed TRON is a “100% premined & completely centralized network” and that Poloniex, shortly after spinning out of Circle and becoming an “independent international company” backed by a “major Asian investment group” has turned into a “TRX shill factory.”

Notably, TRON’s Justin Sun has admitted he was at least “one of the investors” who backed Poloniex,  and the cryptocurrency exchange has been caught promoting TRON’s TRX. In a now-deleted tweet, Poloniex tweeted out “let’s buy TRON.”

Tate further claimed TRX is centrally controlled and alleged Sun still controls 34 billion TRX out of the 100 million preissued tokens. He added his motivation for the Twitter thread was being “royally pissed” his personal data, and that of his friends and family, is now in the hands of “this circus that is now Poloniex.”

Tate is notably well-known for criticizing Binance as well, as according to him DGB won community polls to be listed on Binance when the exchange was launched, but was never listed because it refused to pay a listing fee.

At press time, DigiByte’s price is down by over 5% against bitcoin, presumably over the delisting announcement from Poloniex. CryptoCompare data shows only about 9% of DGB’s trading volume is on Poloniex.

Featured image via Pixabay.