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Binance to Closed Beta Testing of New Crypto Exchange

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Binance, the largest global crypto exchange, will soon start private beta testing a crypto-fiat exchange in Singapore, as Binance co-founder and CEO Changpeng Zhao (CZ) tweeted on September 15.

According to Finance Magnates, prior to posting the news on Twitter, CZ first revealed the plans to launch the fiat exchange while speaking at a recent blockchain event led by crypto assets-specializing firm Cumberland. The conference also featured another disruptor of the industry — Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini.

While no further details have been specified, the crypto-fiat Singapore-based exchange will presumably support the local Singapore dollar, Finance Magnates notes.

In mid-July, Singapore was ranked the third most favorable country for Initial Coin Offerings (ICOs) in terms of the number of top global ICO projects.

Earlier this week, Binance signed a Memorandum of Understanding (MOU) with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, to launch a new security token digital exchange.

And earlier in August, Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), announced the launch of crypto-fiat exchange in Liechtenstein to enable trading between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs.