There is no doubt or misconceptions about Binance being the major cryptocurrency exchange in the last year. The exchange’s CEO, Changpeng Zhao (Cz on Twitter), announced this Saturday about Binance soon to launch a live money beta testing of Singapore FIAT exchange, starting from Sept 18th. This feature is expected to be available based on invitation only. This tweet is coming on the second day (out of three) of Cumberland summit, taking place in Singapore.
However, since most Cryptocurrency exchanges mostly depend on ETH or BTC as a base asset for liquidity, the listing of crypto tokens paired with FIAT will surely be another great step towards adoption of crypto.
I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting! http://t.co/Hzo6jLLkfS
— CZ Binance (@cz_binance) September 15, 2018
Since the exchange was established in 2017, Binance was able to increase its daily trading volume and is now the largest cryptocurrency exchange worldwide, in terms of trading volume. The exchange was originally based and founded from China but its office and servers were later relocated to Japan and then to Malta. This is due to the current stiff regulations among crypto. Binance, which has around 10 Million trading users, is expected to finish this year with net profit of 1 billion USD. Binance has even plans to expand to unfamiliar to crypto places such as Africa and Bermuda.