Binance, the world’s second largest cryptocurrency exchange by adjusted volume is launching a new fiat-to-cryptocurrency exchange in Singapore later this month. The news was released by CEO Changpeng “CZ” Zhao at the Deconomy event in Seoul, South Korea. On top of this, their BinanceDEX decentralised exchange will also go live in April.
In a tweet from the exchange’s Twitter account, he said: “Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD” (Singapore Dollars).
Binance Singapore Is Just A Step Towards Global Domination
The plan to set up the new trading platform was first revealed by Zhao in September 2018. At the time, he said that Binance planned to launch fiat-to-crypto exchanges on almost every continent.
“There’s no better gateway to Southeast Asia than Singapore, the multicultural city-state that evolved from island port to global financial center in less than 50 years,” a Binance post on Medium said.
BinanceDEX Will Provide A Decentralized Solution For Cryptocurrency Trades
We wrote about the decentralized exchange entering public testing in February, users could create wallets and exchange tokens on the platform.
“Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet,” said CZ at the time. “With Binance DEX, we provide a different balance of security, freedom and ease-of-use, where you take more responsibility and are in more control of personal assets”.
The platform will be charging a sizeable amount, $100K, as a listing fee for new coins but it will be adjusted over time. It is a deliberate move in order to tackle “spam or scam projects” .
Binance DEX wants to remove the liability and security issues of centralized exchanges and provide a decentralized solution for crypto trades. A decentralized exchange has advantages over the majority of centralized exchanges, particularly when it comes to security.
Data stored on Binance DEX will be decentralized, meaning there’s no specific focal point for hackers – a welcome safeguard for users.