Binance Singapore was quietly launched on 23 April 2019 with users only having access to the Singaporean dollar (SGD) and Bitcoin trading pair.
As of writing, Binance Singapore only allows its users to purchase Bitcoins with Singaporean dollars.
It was noted that Binance Singapore’s official website mentions that their users could link up their Xfers account when using the fiat-to-crypto exchange’s services.
Xfers is a Singapore-based payment provider that reportedly offers regulators-approved cryptocurrency wallets.
Xfers was notable for being in partnership with Coinbase when it operated in Singapore until May 2018.
Coinbase said that it had ended its partnership with Xfers as well as its operations in Singapore as the payment provider was not able to handle growth.
Zhou told Cointelegraph that Xfers and Binance are working together in building “a key fiat gateway.”
In addition, it was said by Binance, as quoted by TechCrunch in its 23 April report, that Xfers is “now able to handle volumes large enough to support Binance Singapore.”
Binance Singapore was also mentioned to have full deposit or withdrawal functionality, but its users were encouraged to contact customer service for any possible user-specific functionality issues.
In a comment to Decrypt, Zhou said that the launch of Binance Singapore is “very exciting” from a “fiat on-ramp perspective” as it would allow Singaporeans to gain access to cryptocurrencies through traditional banking channels.
Zhou also said that with Binance’s expansion into a major financial center like Singapore, it would be easier to expand not only in Southeast Asia, but also to the rest of Asia.
Binance’s expansion into Singapore started following Vertex Venture’s investment into the cryptocurrency exchange platform in October 2018.
Binance CEO Changpeng Zhao then revealed in early April 2019 that Binance Singapore would open in the same month.
The launch of Binance Singapore coincided with the mainnet launch of its decentralized exchange called Binance DEX on the exchange’s own blockchain called Binance Chain.