An October 23rd, 2018 press release reports of Vertex Ventures investing in Binance to facilitate Singapore expansion for Binance. As a result, the two companies will jointly set up Binance Singapore which will offer cryptocurrency exchange services in Singapore.
Backed by Singapore state fund Temasek, Vertex Ventures will make the investment through its two branches in the region. The branches are Vertex Ventures China and Vertex Ventures Southeast Asia & India.
Expansion in focus in Vertex Ventures investing in Binance
Further, Reuters reports that the investment will help Binance set up other crypto exchanges across Southeast Asia region. Binance is one of the largest cryptocurrency exchanges global with services in almost all major financial hubs. Just recently, the firm launched operations in Uganda to serve customers across the East Africa region.
Particularly, in Vertex Ventures investing in Binance the aim is to actualize Singapore’s desire to become a crypto hub. Interestingly, the Southeast Asia region is witnessing a lot of new activity focusing on cryptocurrency.
However, the region is still grappling with lack of regulatory clarity. In addition, some policy makers argue that digital assets are basically speculative investments which carry excessive risk. Based in Hong Kong, Binance received warning from Japan’s Financial Services Agency for operating in the country without registration.
Commenting on the developments, Joo Hock Chua, Vertex Ventures Southeast Asia & India’s managing partner said:
“Binance has a relentless focus on developing platforms with strong technology, the highest levels of security and an absolute focus on customer service.”
Binance recognises that the cryptocurrency sector is fraught with bad agents, and it is working to help remove them. According to a report by China Money Network, Binance partnered Chinalysis, a research firm to “improve detection of suspicious transactions.” Ultimately, the partnership will help tackle money laundering using cryptocurrencies.
Late last month, the Wall Street Journal revealed that close to $100 million of dirty money passed through cryptocurrency exchanges. To this end, criminals shuffle the cryptocurrencies over various exchanges onto ShapeShift, an exchange that supports anonymous trading.
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