Bitcoin Forum

First announced in September 2018, Binance Singapore will be a fiat-to-crypto exchange that would support the Singaporean dollar.


Full article here: https://www.unblock.news/market/binance-to-open-singapore-fiat-to-crypto-exchange-in-april

We need fiat to crypto exchanges because right now it is very difficult to get into the cryptocurrency world.
The fact that concerns me is how much would be the fee of this exchange of value. If it is high (which I think it will) then it will be not so beneficial for bringing many people to crypto.

I dont see the reason why it hard to get into crypto currency like the early 2015-2016 where we have few crypto to fiat exchange site. It goid binance add the integration of the Singapore fiat into their payment system cause Singapore is also among the crypto friendly country

Yes, it's really really good that Singapore already has the commonly used exchange fiat, but if they carry binance names,
they might be rivals for local exchanges in Singapore, they have to bite their fingers because just one website can do anything like one stop solution.
so we don't need to transfer our balance to the local exchange so immediately withdraw directly to the bank

I think it will somehow help other people to get easy access in crypto. Sometimes what makes crypro unaccessible is it's availability of fiat-currency in some countries. Most exchange only has currencies like USD, AUD, Euro and etc, which maybe not available in some countries. We need more like this.

The integration of faint into they exchange will automatically solve the problem we face with the bank and master card that most time prevent buyer from using they platform to purchase bitcoin, the Singapore crypto fiat exchange when operational will help those in the Singapore region to purchase bitcoin with they brand of the dollars rather then going through the usual hustle of buying from the old merchant.

As Singapore is inw among the crypto friendly country around the world with good support from the government for fintech development. By this the usage of bitcoin from common people around the country have increased big. To the increasing usage it is a must to provide with bitcoin to fiat exchange service, which at present is gonna done by Binance.

For now, I don't really care with which fiat currencies BTC is paired. The real problem is fiat funding and withdrawals on crypto exchanges. In most cases you have to pass all levels of KYC to be available to send and receive only bank transfers. Not everyone is able to send this kind of transfers and it may take a several days to send some money to exchange while PayPal is considered as an unsafe and card transfers are not allowed by banks or also unsafe.

There are several options for Singaporean users if they want to exchange fiat to Bitcoin and vice versa, like Luno. More info can be found at https://www.buybitcoinworldwide.com/singapore/.

So this Binance thing is not really a breakthrough, just add more alternative for them. Let's stop making Binance as the divine god in cryptocurrency space. They aren't making any new breakthrough sometimes and just copy-paste other tactics like running an IEO.

Agree with you mate, and the last stupid drama told us that exchanges have too much power. So much decentralization if they can list/delist and do market manipulation.
PS: I'm still only a spectator :)

Knowing that Singapore is one of the centers of trades, commerce and finance in the world, this might come out unnoticed and might be a wasted effort since people in SGP are rather focused and centered in fiat rather than dabbling in cryptocurrencies and the likes. I'm not putting my hopes up for this new Binance exchange to be established in SGP but this somewhat places yet another avenue connected to the great crypto highway of development.

Fiat to crypto creates so much more possibilities for binance and also puts so much work on their shoulders as well. When you create an exchange that is just crypto to crypto there are few regulations that you have to follow, of course you pay your taxes and run as a legit business but its still just crypto to crypto, in many countries its still seen same as putting your cs:go skins and trade it with fortnite bucks or whatever, the "laws" see the game currencies as same things as bitcoin because there are no specific rules about it.

Moreover, as soon as you put fiat to crypto than you start to go into much more detailed laws and than you have to be regulated a lot more closely to make sure you do not scam people, that is why it is both great for them but also creates more workload however as long as they keep being legit they won't have any issues.

this is a good thing, I'm glad finally Binance was able to realize their plan. but this is nothing special, there are several other exchangers that have been integrated with the FIAT currency of their respective countries. Binance Singapore is not the first...

That is a great opportunity for people who live in Singapore so they can have a local exchange and I think they will not have a problem with Binance. I think there is more adoption from people in that country and it will attract more people to come to cryptocurrency because the sounds of cryptocurrency are already in many places.
Besides that, I think the KYC will not be a problem for the people because they can prove themselves as local people of Singapore and I am sure that binance in Singapore will reach big members.

Binance and coinbase are the two main pillars that will turn to the next central crypto banks, and will move-away the link between cryptocurrencies and dark activities manipulation, money smuggling, drugs.

They have plans to expand in many countries in addition to some charitable activities, which is a sign that this platform will try to be like Google, but its focus on emerging countries, unlike what coinbase does.

And they want to take a piece of that big pie in Singapore. They all know that the country is really advance because it's one IT hub not just in Asia but in the world. So entering the picture is a big business move for them. That's why they are top exchanges right now, because they are not resting on their laurels but continue to move forward and left the competition behind by setting up the bar high. They already have a foot hold in Australia, so it looks like they are targeting the APAC region right now.

Well well well, it seems binance is really out to keep it' top exchange title by making such moves. Though i think it should be integrated now with most exchanges to make it more accessible for traders and investors.

Binance has continue to grow achieving targets and goals. There is no doubt why binance is one of the favorite exchange among traders. This is why to list a coin with binance exchange require bigger fees but sooner or later it could also compromise the fees since it has a lot of traders there and community has a good support in binance excahnge.

Adding more exchanges especially with a fiat to crypto feature will always be beneficial even when fees are higher than normal or course it won't be just to set the fees to ultra higher but no matter what, its still going to attract users to get into bitcoin. Its what crypto needs to get the herds running. These are the countries that already supported crypto so why just now, they should have done it long time ago.

Singapore is pretty strict in terms of regulations, so Binance has to be careful not to make a wrong step. Crypto exchanges have to keep record of transactions, report to the regulator, make substantial risk assessment etc. It also matters there whether what you list on the exchange is classified as tokens or cryptos.
Accepting fiat is a brave move. It is harder than operating legally only with cryptocurrencies on the exchange. But it is good for people, of course.

And Binance continues its expansion. That is good news to Singaporeans because they will have a better option in exchanging their cryptos. And sweet news to binance investors because binance is doing a very good job expanding.

This is a very big step for binance and a good way of bringing new crypto mindset individuals to the crypto sector. Most people finds it difficult in buying bitcoin with their fiat currency due to the fact that no exchange supports such but only for usdt and the conversation rate is killing most people funds. But with this the singapore Crypto community will surely benefit from it. Imagine it's coming from binance again.

I agree with Naida. It should not only br Singapore. There are also other places that are having the same problem. Better make it broad and let other countries participate in this new technology.

If I remeber that is asked mostly in this forum on how they can buy. It seems like they all want to invest with bitcoin but yet they cannot buy it.
It will be a big blast to the value of bitcoin if ever. Although there might be negative effects to sellers. Make the withrawal fees high to prevent getting in and out in a rush.

Maybe you are a little calmer on this trip because maybe Binance thought about exploring other countries in making new breakthroughs like that where Singapore is easily put into crypto, there is nothing Binance cannot have for every road map that facilitates for everyone, indeed now is entry access which may be for some people very complicated by making transactions several times, I hope this is a problem solver to attract all investors well and easily.

The answer to your question can be found in the second sentence of your post. Not all countries are friendly to crypto and have strict restrictions I know off.

Higher fees will accumulate when the price of bitcoin spiked bigger, because demands will also rise. If binance will have that expansion become stable, I guess it would bring more positive news around bitcoin community not just with Singapore but also to entire asian countries who been visibly following the footsteps of binance exchange. As per observations last year 2017 their transactions became more popular due to fast rising bitcoin price increase, so no wonder this brings more success to them once Singapore fiat exchange will be launch this April and so on.

A good step for Binance can receive fiat Singapore, making it easier for the Singapore community to use it.
Hopefully there will be many fiat from various countries that can be registered in Binance.

Singapore is one of the country which is trying to accept crypto as their main for of payment but not sure about the people because many Singapore citizens not aware of cryptos yet and also some group of people think it is not for the good people. :D Singapore is not a big country if government can advertise it properly then it will greatly helps the crypto adoption worldwide.

even so, we know that Singapore is a good business place. while many are pessimistic about cryptocurrency, binance shows its development in the crypto world, and this is certainly a positive sentiment for crypto growth

Great news not only for Singapore crypto enthusiast but for the industry also.
Binance continues to spread awareness and increase their business operation in different part of the world, this could help to achieve real adoption.

Hopefully they will operate in my country soon, I believe our government are crypto friendly.

We will see Binance's good development, Singapore is a developed country and as a strategic country in trade, it is indeed good to make Fiat Singapore included in Binance. With this system, it will certainly add to the community more alive.

Binance is spreading to Singapore well for me and as investors will definitely be happy with being supported by fiat dollar SG this is a good development in the future.

Its great to see how the government welcome and try to embrace the crypto currencies, this is going to help the economic and strengthen the crypto currencies foundation, and big applause to binance which is working hard to expand the market to every where, Asia is a good target to expand the crypto currencies

Binance opening fiat to crypto is very good news for binance coin and crypto community this adoption will bring billions of dollars to crypto as well as to binance coin as well

This is good for binance exchange. Binance has really shown that crypto and fiat can be used in convenient exchange for each other. This move will definitely have a positive impact on the coin and the holders too.

It is a welcome development; at least it will send lots of signal too to Singaporeans too about cryptocurrency, and still create lots of awareness through this system created that will make it easier for people to change their Fiat to cryptocurrency.

Gradually it will expand to other countries too where we have people that Bitcoin or cryptocurrency are of interest too. I am sure other exchanges have already grabbed this idea too and I am sure they will start planning to do same in whatever country they are domiciled, since I see that they like competition a lot in this crypto market.

This is very good because is better to have more option and secure one to get in crypto and buy easy almost any coin from top when need and more and more people join the crypto market.

Binance is expanding too quickly in their country and making a fiat-to-crypto exchange will be the first step for expanding their business. It's great that we have seen some good news about Binance, it will boost their name among other cities in China. Although their government is banning the crypto mining yet Binance is expanding their business in that country.

This is nice, binance keeps expanding, hope they are not going to contend with bitsdaq exchange in Singapore! Exchanging bitcoin to fiat in some countries conversion process is just too expensive and some persons find away around the excessive fee. I hope this will be cheap.

Quiet great news and seems like singapore is a great destination for binance to spread their wings. Singapore been really good and open to crypto businesses, i believe with binance open fiat to crypto in singapore it could make binance more popular and also make binance coin more precious.

Well in terms of the advantages for the Singaporeans having Binance become a local company in their country is definitely good news. It only means cash out and cash in methods for their trades have become much easier for them. Binance might have known beforehand that they have a big number of users in Singapore that is why they were able to decide in becoming locally available for them.

right, binance certainly has targeted the market, and in Singapore it might have many users, of course it will be more facilitated for its services. on the other hand, of course, the Singapore government will benefit from the existence of state revenues

Binance always have foresight thats why they are the best by far. They know how to get things done . Targeting the Asian market is a good one for crypto.  The Asians are highly populated so getting them to know, use and adopt crypto will be of great benefit for the crypto space

Ok, people are talking about the hype, but it's now official:

(https://www.binance.sg/en)

It's too early what it could bring to us, but I'm very positive that with the all mighty Binance will corner majority of crypto traders in Singapore. They even have a meet up here locally in my country which I'm not aware of. So they're into the Asia Pacific region (APAC), they have one in Australia already and now Singapore.

I am considering Binance to be one of the most appreciated and best-managed cryptocurrency exchanges around even if it experienced its biggest test (hacking) recently. Binance know where the market is and they know how to make strategic locations in building up its business. Right here in Asia, the market is getting to be huge and Binance is making sure that they are there for the big bloom of this industry which can happen sooner than we expected. No wonder BNB keeps on flying high as reflective of the potential of Binance both as a business and as a platform.

Don't know how much people were trading crypto curencies in Singapore because the population level is very low in that country.But of they cn amange to spread to many countries then it will be a great alternative to many local exchanges.

Very low? Are you sure? Where does your data come from?

Even if that's true, there are a lot of crypto projects and exchange based on Singapore already. At least they should have a decent market. I doubt Binance would open a marketplace there if there's no solid user base.

Just said on common view and as of now the population of SIngapore is under 6 million which is enough to be considered as solid user base for a new market?

I think they are opening it in Sinapore is just because it is one of the crypto friendly country and they will expannd it sooner to some other countries.

This is what I have always loved about binance, they really have the right strategy which has always made them to stay ahead of their competitor and with this full speed, it will be very difficult for an exchange to be greater than them, indirectly, we already have a monopolized exchange strategically.

 I am sure they will be able to sustain that position, just like companies like Amazon, eBay and the top ones has been able to hold on tight to their leading position in the ecommerce industry, Binance will be the LION of exchanges for a very long time which will make their coins very high profit yielding investment in future.

This is good to do, because it can increase cryptocurrency growth in the world in general.  Singapore is indeed a small country, but the country is very rich.  And many people become Cryptocurrency traders.  of course this will make it easier for them to treat trade.  And maybe this will attract new traders, who were initially hesitant to trade Cryptocurrency in the region.

Binance is one of the few exchanges that i know in the cryptospace that are helping in the adoption of cryptocurrencies. This is a great development from Binance and the more reason why is going to be one of the popular cryptocurrency exchanges in the world.

We can also said that about the bitcoin wallets as well, how many addresses we have as compare to the total number of actual users?


Yes, they know that Singapore is very open to crypto so it's a good first step for Binance to let their presence felt in that region. They are really expanding this year and they know that Singapore is a good market for them. And it's one of the faster emerging countries so they know that there are a lot of people in Singapore who has a deep pocket that would love to involved themselves in crypto sphere, win-win situation, for Binance and for Singaporean crypto enthusiast.

right, provide facilities in Singapore, so that consumers in that country are easier to access cryptocurrency. we know that Singapore is an economic country, and there are a lot of bitcoiners, so it's good if binance does that step

Binance is doing big job this year, they are everywhere, they are very active in promoting themselves, crypto generally, their token, and they have time to be very active in the community itself, helping people, adding new stuff. They are already doing so much, and looking on their plans for this year only (to not mention future) they plan to be number 1 and if they continue to work like this they will be number 1 and they will stay on that place for a long time.

It look like binance is now leading cryptocurrencies exchange in creating acceptability and adopting! Maybe that is why binance is becoming more popular by the day and many big industries and investors are now trading through binance platform.
the opening of this crypto to fiat currency exchange in Singapore is really great breakthrough to me and if one country that has independent mind started to used cryptocurrencies or bitcoin with their country's currency then we should know that adoptions by others countries will be easy.

if binance aims to support the Singapore dollar, I am sure it is a pride for Singaporeans. of course the circulation of Singapore dollars is getting better in the eyes of the world. for traders immediately to shop for Singapore dollars. because you know yourself the circulation of money in binance is very fast.

Is there a limit for one nation? Like I know what binance started out in Singapore is not like binance we know but it allows for binance to make sure fiat to crypto is possible and that is great news because its a big name and can be used everywhere.

Now, USA may not need something similar since they already have coinbase but looking at all other countries in the world even though there are some local fiat to crypto websites, none of them have a big name like binance. This is why I think binance should be looking into starting places all around the world, Singapore could be the first example, they can then look for a second nation with a lot of interest and not a big name on their market, maybe even Ukraine since they are very crypto loving but don't have a famous global exchange, then they can do it nation by nation for a while until they have tens of countries in their list.

Singapore has a very strong economy links in favor of all businesses like Binance exchange in which it just rebuilding their reputation from stealing incident so i think both will benefits from this development as the Singaporean will need more good exchanges for their growing population of crypto users too.

If indeed binance has the plan, then I think it is a very good decision, because Singapore is one of the countries with a strong and stable economy.
and that will be a positive news for Binance's development in the future.

Based on my observation, it seems to me like smaller developed countries are the ones really keying in to this cryptocurrency of a thing, because for binance to have gone to Singapore to have their physical presence there, then the government of Singapore would have allowed that being a crypto friendly zone.

Look at where they moved their head office to too, which is Malta, Malta is also a very small country and I learnt that they are also crypto friendly, if these countries sees nothing wrong in crypto, why is America and other large countries feeling threatened about it, and I guess it is just because they want to keep staying in control.

This will give huge trust to their exchange,so they are getting their next step on their exchange revolution but soon they will expand to the countries whee they are allowing their services so they can get most profits from crypto market users.

I do not know what makes Singapore so special and I have never studied the laws of Singapore in relation to wealthy people. However, I remember that the dude that helped build facebook and basically was the first investor and friend of mark zuckerberg lives there as well.

Eduardo Savarin sued facebook and mark and got his shares and he is wealthy as well and lives in Singapore. Newer kids on the block that makes ton of money somehow all goes to Singapore, it is obvious that they have something that attracts rich people to their country. This could be also the same reason why binance decided to open their first fiat shop in that country as well. We need to check what their laws are like for these things and if possible replicate in our own countries.

The smaller the country it is, the less it has to lose, because in most cases small countries only have friendly regulations to offer as form of competition. By offering friendly regulations you're more likely to attract businesses looking to escape from the tyranny of countries such as US, China and Russia.

The US has its monetary policies it wants to protect at all cost, and I can't blame them for doing so. It must be frightening knowing that with Bitcoin there is a completely new type of financial system that potentially could render them obsolete.

At the end of the day, it has to be profitable for an exchange to settle in a certain country. Taxation wise and user wise Singapore seems to be a fairly crypto friendly country to settle in.

right, we focus on Singapore, which is a good sanctuary for the world economy. and what is clear is that with an open government with cryptocurrency, it is not surprising that binance is targeting the country, besides that Singapore does have good human resources