Binance – Singapore Crypto Exchange is Live and Running Ahead
Binance, which is otherwise known as the largest crypto exchange in the world, is not open in Singapore. It bears similarities with Coinbase, which is its US rival. The reason for its immense success is because traders can use crypto tokens with individual data or little verification required.
As you are aware, crypto agencies require you to provide them with sensitive data for users to be able to access the accounts. That is not the case here. Unlike Coinbase and others, users purchase the bitcoin at fixed rates.
Earlier, there was a minor issue where bitcoins purchased could not be moved out, but it has been rectified now. The launch in Singapore is thanks to Vertex, which is an investment firm, backed by Temasek, Singapore’s sovereign fund.
The crypto exchange firm has also been testing a new ‘beta’ version since 2018. That is in collaboration with MAS, a Singaporean regulator. Users can purchase using the currency. According to Changpeng Zhao, who is the CEO of the company, he felt that Singapore, with its idealist location, could help in attracting money from institutions.
This is the company’s third business venture after successful stints in Jersey and Uganda. Its plan includes Lichenstein, which depends on how well the Singapore affair continues. However, users find it annoying not being able to have the choice of the assets on sale.
The crypto exchange draws its revenues through BNB. They also depend on trading fees and over-the-counter (OTC) trading. Not to mention, the exchange also earns from the network fees when nodes are made use of during transactions.
Talks are going on that the value of BNB could be raised as it is growing rapidly such that, it has outpaced Bitcoin. Since the start of this calendar year, the token value of the exchange has quadrupled, which is good news according to a financial analyst.
On January 1, 2019, it was valued at $6.02, but it is now standing at $25. Time will only say how well it will be impacted with the current market, which are volatile, to say the least.