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Binance’s Singapore Fiat-to-Bitcoin exchange is launching next week

April 17, 2019

Cryptocurrency exchange giant Binance will launch its new fiat-to-crypto platform in Singapore next week, its chief financial officer said.

CEO Changpeng “CZ” Zhao announced in early April that the Singapore fiat “on-ramp” would be coming sometime this month. But speaking to CoinDesk Wednesday from Paris, Binance CFO Wei Zhou gave a more precise timeframe.

“Next week we are going to launch the Singapore simple buy/sell on-ramp,” said Zhou, who was in town for Paris Blockchain Week. “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.”

Zhou said that for now in Singapore, “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 its project of building fiat-to-crypto gateways in January when it partnered with Simplex to let traders use Visa and MasterCard to buy a wide range of cryptos. Then in March, it launched Binance Lite in Australia which allows users to buy bitcoin at newsagents in over 1,300 locations across the country.

The company’s expansion in recent months has been both rapid and eclectic, taking in Europe and the U.K. via the islands of Malta and the British Crown Dependency of Jersey. The company has also set up in Uganda citing the need to bring financial inclusion to the underbanked in that region. It is currently the No. 5 exchange by 24-hour trade volume (when excluding no-fee trades and transaction mining), according to CoinMarketCap.