Binance's exchange continues in its search for expansion by opening cryptographic exchanges around the world. The exchange has started plans to open stores in the countries of Uganda, Malta, Liechtenstein and now Singapore. In the case of Singapore, Binance plans to open a fiat-encrypted exchange on 18 September – which is 2 days away. However, the initial beta test will be closed and by invitation only.
Binance CEO Changpeng Zhao announced via Twitter when he said:
I just let it slip that we'll start
#Binance Singapore fiat exchange live money closed beta testing on September 18th, in 3 days. Invitation only first. Exciting!
The complete tweet can be found below.
I just let it start #Binance Singapore fiat exchange live closed closed beta testing on September 18th, in 3 days. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS
– CZ Binance (@cz_binance) 15 September 2018
Changpeng Zhao also tweeted about the recent developments in the exchange in Malta. The company entered into a partnership with the fintech subsidiary and Malta's digital asset management company, MSX PLC, to jointly launch a new security token trading platform. Changpeng would have tweeted on this development as follows :
This is a secure token license support as you can get, thanks to the progressive leaders of Malta!
Binance grows up to become big Nasdaq in 1 year
The ICO of Binance began on July 1, 2017 and recorded a successful crowdfunding that led to the platform we have today. At the time of writing this, the exchange is in first place on coinmarketcap.com and based on the daily trading volume which is estimated at $ 804 million. Returning to the bull market between the end of 2017 and the beginning of 2018, the exchange easily made $ 2 billion in the daily trading volume.
The commercial action on the exchange led to outperforming Deutsche Bank in quarterly profits. In the first quarter of 2018, Binance earned $ 200 million in profits compared to $ 146 million in profits for Deutsche Bank. This value of Binance's profits in that time period was only $ 9 million of the Nasdaq $ 209 million
With a continued expansion the exchange is bound to exceed even more commercial enterprises on Wall Street. Another factor to consider how the exchange expands globally is the fate of its distinctive crypto-currency of Binance Coin (BNB). The fundamental laws of economics indicate that the supply of money is limited. Therefore, as the exchange expands, the demand for BNB will rise and its price will also increase. We will also add the periodic consumption of BNB coins made by the exchange on a quarterly basis.
With the information above, we can therefore conclude that BNB is a cryptocurrency to be observed as we move towards the future of crypto-markets.