Binance to start fiat trading in Singapore on 18 September
Trading starts "tomorrow," or possibly "today" or "yesterday" depending on when you read this
While chatting at the Cumberland Summit crypto industry conference, Binance CEO Changpeng "CZ" Zhao accidentally let slip that Binance will begin fiat trading in Singapore on 18 September. He then accidentally posted the same on Twitter, which also accidentally included a video of the accidental disclosure.
It happens to the best of us.
The time and location of the first fiat pairs – Singapore on 18 September – is probably just as accidental. It coincidentally happens to coincide with the start of Consensus Singapore, which might fortuitously be a great opportunity to pick up a lot of enthusiastic testers.
The trial will initially be invite only, but all trades will be live.
There's a first time for everything
Binance supports about 100 different cryptocurrencies, and for some of them, it might be the first time they get a direct fiat link. It's also the world's largest exchange by trade volume, and unlike some of the other world's largest exchanges by trade volume, it has managed to stay squeaky clean even as wash-trading allegations circle elsewhere.
Market-watchers might be interested to see how much volume starts coming through in fiat when it all goes live. As it adds more fiat pairings, the scale of Binance might make it a useful new yardstick for measuring crypto interest in different countries.
If a lot of crazy rich Asians start using it, there might be a market and a half waiting in Singapore.
It might also be another sign of bad news for Tether as a business. USDT is the most popular pair for almost every single coin on Binance right now, with just a handful of exceptions. But with fiat pairs coming to Binance, it might start getting a bit less useful.
It might take a while, but the same trend is probably coming to other exchanges which might start eking away at the Tether market share just as surely as all the other stablecoins are.
Elsewhere, it's also moving towards security tokens, with signs of them being available in the very near future through its home offices in Malta.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and ADA.