Keep the good news rolling in the cryptocurrency market – Binance offers fiat pairs! Yi He, the co-founder and Chief Marketing Officer at Binance, in an exclusive interview on how the exchange decided to launch a fiat-enabled trading platform in Singapore, discussed the country’s regulatory framework around crypto, and the state of the cryptocurrency market. We’ve been getting really bullish news lately. Walmart is set to embrace and integrate with blockchain technology by the end of 2019, the US Congress is set to deliberate on 3 pro-cryptocurrency bills, and Brazil’s Largest Brokerage is set to start offering crypto products!
But more on Binance – started in mid-2017, it has seen phenomenal growth in terms of daily trading volume and user base, firmly establishing itself as the biggest cryptocurrency exchange in the global market. In the past 9 months, Binance has also released a blockchain startup accelerator called Binance Labs, Binance Charity, and a prototype for a DEX, Decentralized Exchange.
Earlier this month, Binance officially announced that they had launched a fiat cryptocurrency exchange in Singapore. On Binance Singapore, users are able to deposit and withdraw the Singaporean dollar to trade cryptocurrencies.
Yi said: “Our mission at Binance is to contribute to the development of the blockchain industry by building the infrastructure for the ecosystem. Fiat currencies are a very important part of blockchain transactions. By launching a fiat exchange, we hope to provide users with a more complete user experience, and enable not only the exchange and transaction of fiat currency but also future investments in blockchain projects, media, education and other blockchain fields.”
For fiat-enabled cryptocurrency exchanges, trusted banking partners are incredibly important. Trading platforms need stable banking partners to streamline and expedite the process of sending and receiving Singaporean dollars to and from the exchange.
Binance is also complying with Singapore’s strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, and Yi stated that the exchange will continue to adhere to those regulations, as well as cooperate with local financial regulators and leaders to grow the exchange.
The exchange is confident in the financial system of Singapore, a country that has often been described as a global financial center with a rapidly growing economy.
Yi went further, stating: “Singapore is a global financial center that has a developed economy and is politically stable. On top of that, Singapore has a high degree of insight and judgment into both finance and the Internet. We are looking forward to working with leaders in the space and will undergo KYC and AML procedures in strict accordance with local regulations, and we will cooperate in full accordance with the bank’s specifications.”
With Singapore’s pro-cryptocurrency regulations, it has started to attract large-scale cryptocurrency-related businesses and internet conglomerates, such as Kakao, a South Korean internet conglomerate. Kakao recently revealed its plans to establish a blockchain venture in Singapore.
In May, the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulatory authority, released a paper which explicitly disclosed the agency’s intent to review existing regulatory framework for crypto market operators to ensure that they are able to meet the increasing demands of the crypto market.
A few years ago, Changpeng Zhao, the CEO of Binance better known as CZ, sold his house to buy Bitcoin. But right now, the crypto market is currently enduring the fourth worst correction in its nine-year history, with Bitcoin recording a 69% drop from its all-time high.
Yi emphasized that CZ hasn’t been shaken by his decision from a few years ago, even though the property he sold has doubled. Yi is still confident in the cryptocurrency industry, especially with the majority of employees at Binance receiving a portion of their salaries in Binance Coin.
With the cryptocurrency market of Singapore, South Korea, Japan, and many European nations (including the US!) growing at a fast rate, businesses like Binance expanding internationally remain very optimistic.
Are you optimistic about the crypto markets and the future of your investments? What are you currently doing? Are you actively trading? Let us know on our Facebook page here!
