• Coinbase crypto exchange has rolled out free fiat deposits and withdrawals for its Singapore-based customers through its banking partner, Standard Chartered.
• The move is likely to make Coinbase more competitive in the region as other exchanges like Crypto.com and Gemini offer similar services.
• Amidst banks issues in the US, Coinbase revealed that it had $240 million balance in Signature Bank, while also assuring its customers that their funds are safe.
Coinbase Launches Zero-Fee Local Bank Transfers in Singapore
Free Fiat Deposits and Withdrawals
Coinbase crypto exchange has rolled out free fiat deposits and withdrawals for its Singapore-based customers through its banking partner, Standard Chartered. Users can now transfer funds to and from their Coinbase accounts without any extra cost. This makes it easier for users to purchase Bitcoin (BTC) and other cryptocurrencies available on the platform.
Increased Competition
The move is likely to make Coinbase more competitive in the region as other exchanges like Crypto.com and Gemini offer similar services. This could help attract more users to the platform who want an easy way of trading cryptocurrencies.
SEC Crackdown On Staking Service Providers
Despite SEC’s crackdown on staking service providers such as Kraken, Coinbase clarified that it will continue offering its users staking services on its platform.
Signature Bank Balance Revealed
Amidst banks issues in the US, Coinbase revealed that it had $240 million balance in Signature Bank, while also assuring its customers that their funds are safe. However, due to regulatory concerns, Binance USD (BUSD) trading was suspended by the company on March 13th .
Monetary Authority Of Singapore Regulations
Singapore’s financial watchdog, Monetary Authority of Singapore (MAS), has signaled plans to introduce stricter rules for crypto market participants following last November’s collapse of Sam Bankman-Fried’s FTX which brought increased scrutiny upon government officials .