The China-based crypto exchange giant Binance has announced that it will launch Binance Singapore this month, a fiat-to-crypto exchange with support for the Singaporean Dollar (SGD).
Binance offered few details in the Twitter announcement except for the explicit confirmation that the exchange will be operational within a matter of weeks.
This news has been in the making for several months. At an event in Singapore in September 2018, Binance’s founder and CEO, Zhao Changpeng, reportedly discussed potential plans for opening an exchange in the country, and he confirmed these plans via Medium the following month.
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The Monetary Authority of Singapore (MAS), the country’s central bank, announced on Monday that it has finalized the new regulatory framework for payment services. The Payment Services Bill “will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated,” the central bank explained. The bill was submitted to parliament by Education Minister and MAS board member Ong Ye Kung, the Straits Times reported. 
South Korea’s largest cryptocurrency exchange by trading volume, Bithumb, has seen a Singapore-based blockchain consortium become its majority owner in a $ 350 million deal. BTC Holdings Company, which was Bithumb’s biggest stakeholder until Thursday with a 75.99% stake finalized an agreement to sell 50 percent plus one stake for 400 billion won (approx. $ 352 million)
