Binance CFO: Fiat-to-Bitcoin Exchange to launch next week in Singapore

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  • The exchange will be offering just Bitcoin as of now but are looking to add a lot more coins soon.
  • Binance CFO, Wei Zhao, also hinted that they are planning on expanding to the U.S. but refused to divulge any further details.

Binance CFO, Wei Zhao, announced that crypto exchange giant Binance will launch its new fiat-to-crypto platform in Singapore next week. Zhao told Coindesk:

“Next week we are going to launch the Singapore simple buy/sell on-ramp. It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars…It will just be bitcoin, but we hope to add more [cryptocurrencies]. For a lot of these regulated jurisdictions, it’s easy to start with things that people know and understand and you can gradually build on that.”

Binance began building their fiat-to-crypto gateways in January after they partnered with Simplex to allow traders to use Visa and MasterCard to buy a wide range of cryptos. After that, they took the significant step of launching Binance Lite in Australia which allows users to purchase bitcoin at newsagents in over 1,300 locations across the country. Zhao hinted that they are planning on expanding to the U.S. but refused to divulge any further details as of now.

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