{"id":250750,"date":"2020-02-17T05:59:35","date_gmt":"2020-02-17T10:59:35","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=250750"},"modified":"2020-06-12T18:21:25","modified_gmt":"2020-06-12T22:21:25","slug":"binance-strives-for-singapore-market-expansion","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/binance-strives-for-singapore-market-expansion","title":{"rendered":"Binance Strives For Singapore Market Expansion"},"content":{"rendered":"

As it stands now, Singapore is one of the new frontiers of the crypto industry. The country has recently opened its doors to the crypto industry by introducing the new Payment Services Act<\/a>. The policy itself plans on regulating the crypto industry, particularly payments via crypto, as well as crypto trading. It will use regulations that were created by using the country\u2019s traditional fiat regulations as a guideline.<\/p>\n

Today\u2019s Regulated Crypto Frontier<\/strong><\/h2>\n

Any party that shows interest in opening a crypto business within Singapore\u2019s borders must first apply for the appropriate licenses within it. Of the various licenses, one must get a money-changing license, a standard payment institution license, as well as a significant payment institution license.<\/p>\n

As Bloomberg had reported<\/a> on the 17th of February, 2020, Binance is planning on doing just that. Binance, being one of the world\u2019s largest exchanges with a headquarters in Malta, already has various offices spread across Asia, and holds an aggressive expansion doctrine. The CEO of Binance, Chanpeng Zhao<\/a>, commented on the matter as a whole. He explained that Binance had already submitted the relevant application rather quickly. He further said that Binance\u2019s Singapore arm remains in close touch with the country\u2019s regulators and that they are open-minded for change.<\/p>\n

\"\"<\/a><\/p>\n

One of Many Binance Expansions<\/strong><\/h2>\n

More than likely, Binance<\/a> will have to create a new entity altogether to cater to Singapore\u2019s clients, much like it had done with the US. With compliance being different with every country, it\u2019s easier to create a country-specific entity rather than completely restructure the company\u2019s entire business model.<\/p>\n

As it stands now, Binance isn\u2019t the only entity to try and push for the new authorizations in Singapore. Two other exchange operators have come forward to toss their hat in the Singapore ring. The first is Liquid, an exchange operator that is situated in Tokyo, Japan. The second is Luno, a London-based exchange.<\/p>\n

Shotgun Policy<\/strong><\/h2>\n

Binance has been making a very aggressive expansion<\/a> since its inception. If you open news about an exchange expanding into a country, the odds of it being Binance tends to be higher than cryptocurrency exchanges<\/a>. For the most part, the company\u2019s expansion policy has only done it good, with the exchange itself already known for its massive selection of crypto to choose from.<\/p>\n

Singapore is simply the latest target in a modernizing world, with crypto taking its place as a staple in the finance industry as a whole.<\/p>\n","protected":false},"excerpt":{"rendered":"

As it stands now, Singapore is one of the new frontiers of the crypto industry. The country has recently opened its doors to the crypto […]<\/a><\/div>","protected":false},"author":1717,"featured_media":236198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[7612,7613,7598,5873,7893],"class_list":["post-250750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-binance","tag-bnb","tag-crypto","tag-singapore","tag-trading"],"acf":[],"yoast_head":"\nBinance Strives For Singapore Market Expansion<\/title>\n<meta name=\"description\" content=\"If you open news about an exchange expanding into a country, the odds of it being Binance tends to be higher than other exchanges.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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