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Binance confirms Singapore expansion will happen this month

Oliver Knight

The world’s largest cryptocurrency exchange in terms of trade volume, Binance, has been hacked, with more than $40 million being stolen from the firm’s hot wallets. Binance issued an update at 12am (UTC). The exchange claims that “hackers were able to withdraw 7,000 BTC ($40.5 million) in one transaction”, although only 2% of the company’s total BTC holdings were being held in hot wallets. The update also stated: “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed,

The post Binance hacked: More than $40 million stolen in ‘large-scale security breach’ appeared first on Coin Rivet.

Cryptocurrency exchange Binance has confirmed that its Singapore branch will open later this month, with the platform set to offer a fiat gateway for the Singapore dollar.

Binance CEO Changpeng ‘CZ’ Zhao attended the Deconomy conference in South Korea this week. While speaking on a panel about decentralisation, the 42-year-old revealed that Binance’s fiat-to-crypto exchange in Singapore will be launched later this month.

Binance Singapore will come online in April. It will be our next fiat-to-crypto exchange servicing SGD,he said

The Maltese exchange has continued to grow on a global scale over the past year, launching a GBP/EUR fiat gateway in Jersey in January while the Binance DEX testnet went live in February.

The DEX will be operational with the use of Binance’s native blockchain – the Binance Chain. Trust Wallet will also be implemented within the DEX to allow users to retain control of their private keys.

Trust Wallet CEO Viktor Radchenko spoke to Coin Rivet last week about the importance of security and when exactly the full release of the DEX is going to launch.

“I think our plan is to launch as soon as possible, so hopefully a month or two away,” Radchenko told Coin Rivet.

He added: “I think the faster the better. We already have integration on the mobile side. We are just waiting for stability, and once that’s done we’re going to launch it. We just need to turn the switch on.”

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The post Binance confirms Singapore expansion will happen this month appeared first on Coin Rivet.