The Binance exchange continues on its quest to expand by opening crypto exchanges around the globe. The exchange has set in motion plans to open up shop in the countries of Uganda, Malta, Liechtenstein and now Singapore. In the case of Singapore, Binance plans on opening a fiat-crypto exchange on the 18th of September – which is 2 days away. However, the initial beta testing, will be closed and by invitation only.
Binance CEO, Changpeng Zhao, made the announcement via Twitter when he said:
I just slipped that we will begin
#Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting!
The full tweet can be found below.
— CZ Binance (@cz_binance) September 15, 2018
Changpeng Zhao would also tweet about the exchange’s recent developments in Malta. The firm has entered a partnership with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC to jointly launch a new security token trading platform. Changpeng would tweet about this development as follows:
This is about as legit a securities token license support as you can get, thanks to progressive leaders of Malta!
Binance Grows to Be As Large as Nasdaq in 1 year
The Binance ICO commenced on the 1st of July 2017 and experienced a successful crowdfunding that has resulted into the platform that we have today. At the moment of writing this, the exchange is ranked first on coinmarketcap.com and according to daily trade volume that is estimated at $804 Million. Back in the bull market of late 2017 to early 2018, the exchange was easily doing $2 Billion in daily trade volume.
The trading action on the exchange has led it to outperform the Deutsche Bank in quarterly profits. In the first quarter of 2018, Binance made $200 Million in profits compared to $146 Million in profits for Deutsche Bank. This value of profits by Binance in that time period, was only $9 Million shy of Nasdaq’s $209 Million.
With continual expansion, the exchange is bound to exceed even more trading firms on Wall Street. Another factor to consider as the exchange expands globally, is the fate of its signature cryptocurrency of Binance Coin (BNB). The fundamental laws of economics indicate that the supply of the coin is limited. Therefore, as the exchange expands, the demand for BNB will go up and so will its price. Also to add is the periodic coin burn of BNB done by the exchange on a quarterly basis.
With the above information, we can therefore conclude that BNB is a cryptocurrency to watch as we proceed into the future of the crypto-markets.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.