Binance enables BNB Mainnet deposits, launches Binance DEX and Singapore fiat bridge

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Binance has announced that users can now make Binance Coin deposits and withdrawals on Binance Chain.

Binance CEO Changpeng Zhao tweeted earlier today about burning 5 million Ethereum-based BNB tokens to commence the era of Binance Chain based BNB tokens.

Binance has also launched Binance DEX-a decentralized platform to trade cryptocurrencies where users will own the keys of their wallet, unlike Binance.com where wallets are held by Binance.

Earlier today, Techcrunch also reported about the launch of Binance Singapore, fiat to crypto exchange.

Apart from the Binance wallet, the decentralized exchange will also support a variety of wallets including Trust Wallet, Ledger, and Enjin amongst others.

"We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community."

Binance Singapore allows users to purchase only bitcoin, and at fixed prices compared to the mainstream Binance which has a wide range of cryptocurrencies available at real-time market prices.

Binance Singapore is mostly funded with investment from VC firm Vertex, which is backed by the Singaporean sovereign fund Temasek.

Over the past year, Binance has focused its efforts on fiat trading, hoping to find a way to get institutional money into crypto on a significant scale.

Thus far, Binance Singapore is the third such effort following similar exchanges in Uganda and Jersey.

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