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Coinbase has enabled customers in Singapore to transfer funds to and from their accounts using any bank in the country for free.
For this, the second-largest crypto exchange by trade volume partnered with Standard Chartered to add support for FAST (Fast and Secure Transfers), an electronic funds transfer service launched by the Association of Banks in Singapore, on its platform. Coinbase has also integrated Singpass into the exchange for easier user sign-ups and upgraded its help center to improve the customer experience.
In October 2022, Coinbase received in-principle approval from the Monetary Authority of Singapore (MAS) to provide regulated digital payment token services in the city-state.
The exchange supports over 200 assets, including popular cryptocurrencies such as Bitcoin and Ethereum. It also offers Coinbase Learning, a catalog of resources aimed at educating users about the crypto economy.
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The announcement follows MAS’ ban on crypto major Binance in September 2021. After being issued a warning by the financial regulator and told to stop offering payments services in the city-state, Binance barred users in Singapore from accessing functions such as fiat deposits, spot trading, and liquid swaps.
Meanwhile, Coinbase recently ended trading support for Binance USD following a review of its assets on the platform to find those that no longer meet its standards.
Editing by Lorenzo Kyle Subido
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