The Binance exchange continues on its quest for expanding by opening crypto exchanges all over the world. The exchange has set in motion plans in order to open up shop in the countries of Uganda, Malta, as well as Liechtenstein, and now Singapore. In the case of Singapore, Binance has some plans to open a fiat-crypto exchange on the 18th of September, which is tomorrow. However, the initial beta testing is going to be closed and by invitation only.
Binance Singapore exchange will start on the 18th of September
The CEO of Binance, named Changpend Zhao, has made the announcement via Twitter, when he said that he just slipped that they are going to start Binance Singapore fiat exchange live money closed beta testing on the 18th of September.
You can look at the full tweet below.
Changpend Zhao has also tweeted about the recent developments of the exchange in Malta. The company has started a partnership with the fintech and digital asset subsidiary of the MSE or Malta Stock Exchange, known as the MSX PLC, in order to jointly launch a new security token trading platform. Changpeng tweeted about this progress, saying that it is about as legit a securities token license assistance as you can get, thanks to progressive leaders of Malta.
The exchange was ranked first on coinmarketcap.com
The Binance ICO initiated on the 1st of July last year, and it has experienced a successful crowd-funding which resulted in the platform that we have today. At report time, the exchange was ranked first on coinmarketcap.com and according to daily trade volume which is estimated at $804 million. Back in the bull market of last year to early 2018, the exchange was efficiently doing $2 billion in daily trade volume.
The trading action on the exchange has also led it to outperform the Deutsche Bank in quarterly profits. In the first quarter of this year, Binance has made about $200 million in profits compared to $146 million in earnings for Deutsche Bank. This value of earnings by Binance in during that time period was only $9 million shy of $209 million of Nasdaq.
The exchange to exceed more firms on Wall Street
With the continual expansion, the exchange is bound to exceed a lot more trading firms on Wall Street. Another thing which should be taken into concern as the trade develops on the global level is the future of its signature cryptocurrency BNB. The essential laws of economics indicate that the supply of the coin is actually limited. Because of that, as the exchange expands, the need for BNB is going to go up and so will its price. Also, to add is the periodic coin burn of BNB which is done by the exchange on a quarterly base.
With all of the information from above, we can make a result that BNB is a cryptocurrency to watch as we proceed into the future of the cryptocurrency markets.