NewsletterAAX to make a foray into the Lion City, welcomes Singapore users
Singapore, February Feb 8, 2021 — Cryptocurrency exchange AAX opens its doors to Singapore users after being granted the Monetary Authority of Singapore (MAS) Exemption of Provision of Digital Payment Token Services last year. The exchange has submitted its license application to the MAS and is committed to setting up a dedicated Singapore fiat to cryptocurrency platform supporting key cryptocurrencies such as BTC, ETH, BCH, LTC and other key cryptocurrencies, with SGD exclusively for Singapore users. The exchange also plans to build a local presence in Singapore with key functions such as compliance, marketing, treasury & account management.
In catering to both retail and institutional investors, AAX is known for operating LSEG Technology’s Millennium Exchange, the same matching engine that powers London Stock Exchange. In December 2020, the crypto platform introduced Singapore Dollars (SGD) fiat on- and off-ramps for traders along with 10 other global fiat currencies.
“Singapore is really at the forefront of financial innovation, considering its position as one of the main business hubs in Asia Pacific and its forward-looking approach to regulation,” says Thor Chan, CEO of AAX.
In January, fiat purchases of cryptocurrency on the platform surpassed November’s figure within the first five days of January, with $1.5 million worth of digital assets added to portfolios.
After just one year in business, AAX has gained 500,000 users globally and has ranked in the top 5 on TokenInsight’s liquidity ranking.
“Operating out of Singapore is an important strategic move for accessing global capital. With the expansion of our team in Singapore, the provision of our FIX connectivity, we are expecting 10x growth in trade volume in 2021, as well as funds and family offices onboarding.”
About AAX
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
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