Binance, a giant international cryptocurrency exchange, is on the verge of launching its closed beta testing (a cryptocurrency-fiat exchange) in Singapore.

Details of the Launch

Changpeng Zhao, Binance CEO, stated that the testing will be done on 18th September 2018.

“I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on September 18th, in 3 days. Invitation only first. Exciting!”

According to Finance Magnates, before releasing the news on Twitter, Zhao had initially hinted at their plot to begin the fiat-exchange at a recent blockchain conference in Cumberland, where he was one of the invited keynote speakers.

Although no more details have been given, the cryptocurrency fiat exchange will doubtless back the local Singapore currency.

The Potential of Singapore in the Crypto Space

A survey carried out in July revealed that Singapore is the third most preferred nation for Initial Coin Offerings (ICOs) based on the number of top worldwide ICO undertakings.

Binance’s Recent Undertakings

At the beginning of this week, Binance engaged in a Memorandum of Understanding (MOU) with the Malta Stock Exchange’s fintech and virtual property subsidiary, MSX PLC, to start a new security token virtual exchange.

Besides, at the start of August, Binance LCX, a mutual project between Binance and Liechtenstein Cryptoassets Exchange (LCH), publicized the start of crypto-fiat exchange in Liechtenstein to facilitate business between Swiss Francs and Euros against major virtual currency pairs.