Coinbase launches zero-fee local bank transfers in Singapore
Coinbase now offers free cash deposits and withdrawals using regional bank transfers for its Singaporean customers.
Customers can now transfer money for free via Standard Chartered bank to and from their Coinbase accounts. As part of its worldwide development strategy, the cryptocurrency exchange Coinbase has made free fiat deposits and withdrawals available to its Singaporean users through its banking partner, Standard Chartered.
The action is anticipated to make it simpler for the exchange's Singaporean customers to buy bitcoin (BTC) and other cryptocurrencies, according to persons familiar with the situation.
Since Gemini and Crypto.com also provide comparable services in the area, it is also expected to increase competition for Coinbase. The sudden collapse of the disgraced Sam Bankman-Fried's last November, which increased scrutiny on government officials, made it even more crucial to introduce more robust regulatory guidelines for crypto.
Since then, Singapore's financial watchdog, the Monetary Authority of Singapore (MAS), has signaled plans to introduce stricter rules for participants in the cryptocurrency market.
Brian Armstrong's Coinbase reported on March 13 that it has a $240 million deposit in Signature Bank, ensuring its customers that their money is safe amid the banking crisis that has so far seen major players in the US such as Silicon Valley Bank, Signature Bank, and others fold.
According to a March 13 report from crypto.news, the crypto exchange has banned trading in Binance Dollar (BUSD) on its platform due to regulatory issues. Nonetheless, despite the SEC's assault on staking service providers like Kraken, the company has made it clear that it would keep providing its users with staking services.
