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!
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.