Binance has added more trading pairs against the Singapore dollar. The Singapore dollar (SGD) is now paired with the exchange’s own coin, Binance Coin (BNB), and Ethereum (ETH). The BNB/SGD and ETH/SGD trading pairs are an addition to the BTC/SGD trading pair which was the only trading pair enabled by Binance when it launched in Singapore towards the end of last month. Through a tweet, the Binance Singapore said:
“You got it!!! We have opened trading for BNB/SGD and ETH/SGD trading pairs on Binance.sg,”
On April 3, the CEO of Binance, Changpeng Zhao, indicated that Binance Singapore would launch before the end of April and become an addition to the few Binance outlets that support fiat. Previously, only two Binance outlets supported fiat trading; Binance Uganda and Binance Jersey. The exchange was launched three weeks later.
However, the fiat support is being enabled in conjunction with Xfers, a payment services provider based in Singapore. As noted by Binance CEO, Wei Zhou, the inclusion of a local payment service provider is meant to develop a crucial fiat gateway.
Binance Singapore seems to have a special place with the country’s government. For example, in October 2018, a company owned by the Singaporean government, Temasek Holdings, through its subsidiary, Vertex Ventures, invested in Binance which was viewed as a way to help the exchange to set shop in the country. Apart from opening a shop in Singapore, Binance has made other notable achievements in the recent past.
Although BNB is issued by Binance, the exchange is pushing for it to be listed on other exchanges to drive adoption and trading. The exchanges facilitate selling and trading activities. Some of the exchanges that have already listed BNB include, HitBTC, BitMax, Gate.io, CHAOEX, COINBIG, Changelly, Yobit, among others.
On Feb 20, Binance’s decentralized exchange (DEX) entered public testing. The decentralized exchange utilizes Binance’s own public blockchain known as Binance Chain. Notably, Binance will keep a similar interface on its decentralized platform as it appears on its centralized platform.
According to Binance:
“Binance Chain is a blockchain project initiated by Binance and has since involved a whole community of Binancians. […] To ensure the creation of a blockchain that will serve as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner.”
Recovery after Attack
This is one occasion that Binance deserves a big round of applause for its diligence and transparency. Earlier this month, the exchange lost approximately $41 million after more than 7,000 Bitcoins were siphoned by hackers.
The deposits and withdrawals were frozen and the exchange, instead of covering up the loss, was quick to acknowledge that its security had been breached. This was followed by a series of updates, investigations, and an upgrade to seal the loophole. Fortunately, those who lost their coins were covered by Binance’s Secure Asset Fund of Users (SAFU). The fund was launched in 2018 to compensate those who lost funds in extreme cases.