Binance expanding to Singapore
Binance, the world’s largest cryptocurrency exchange by traded volume, has been expanding globally by adding fiat onramps for multiple countries. These include the United Kingdom, Russia, Turkey, Nigeria, Ukraine, Kazakhstan, India and all of Europe.
Despite the harsh regulations and limitations imposed by United States regulators, Binance opened a dedicated branch for US customers named “Binance US”. Additionally, Ripple’s former head of XRP institutional liquidity, Catherine Cole, became CEO of BAM trading which will oversee Binance US’s operations.
Singapore’s economy has been ranked as the most open in the world with a very well-developed free-market. While Binance already has offices there, a new law came into place requiring cryptocurrency exchange to follow certain AML rules, called the Payment Services Act.
In a phone interview with Bloomberg, Changpeng Zhao (CZ), stated: “We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded”.
Binance’s mission to bring crypto to every individual is developing and reaching new milestones quickly. They even hired a former Uber executive, Matt Shroder, to Serve as VP of Global Expansion Operations. Mr Shroder served Uber is the perfect candidate for such a job as he served Uber since 2013, when it was a small startup, all the way until it’s famous IPO in 2019.
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