Buy Binance Coin
in Singapore

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Singapore

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Learn More about buying BNB in Singapore

How to buy Binance Coin in Singapore

Is BNB a good investment in Singapore?

Binance Coin (BNB) was introduced and launched in July 2017 at the initial coin launch event. At the time of launch, each coin was sold for 15 cents. Binance was able to raise a total of around $15 million from this ICO. The value of Binance's native coin, BNB, has increased significantly over time as a result of the company's explosive growth in the cryptocurrency sector.

The price of BNB cryptocurrency in US dollars increased gradually at first, staying below $50 between 2017 and the beginning of 2021. BNB tokens’ high price record reached $24.71 (in January 2018) during the 2017 to 2018 crypto market bull run. Later, in May 2021, the entire cryptocurrency market experienced a significant uptrend, with some cryptocurrencies setting new all-time highs. As a result, on May 10, 2021, the price of BNB increased from under $50 to an all-time high of $690.93, a 460520 percent rise from its price at the time of the ICO. Additionally, BNB was valued at over $100 billion at the time. By the start of 2023, BNB has been trading between about $245 to $310. Some crypto experts believe that BNB has an outstanding potential to reach new heights. They predicted that it could reach about $1,047 by 2025. In spite of all that, this information is not aiming to act as a buying signal or a financial advice. We encourage you to do your research regarding the crypto market movements and even consulting with a professional before attempting to invest in cryptocurrency.

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What is Binance Coin ?

Binance Coin (BNB) is a cryptocurrency that can be used for trading and payment on the Binance platform. This digital currency was first created on the Ethereum network with the purpose of paying transaction fees in the Binance exchange. But in a short time, it moved to its native blockchain, Binance Chain. Binance Chain network was optimized for super-fast transactions. To achieve this goal, the Binance Chain network had to balance between different categories. One of these cases was flexibility in terms of programmability. Therefore, introducing Binance Smart Chain, known as BSC, changed this situation.

In February 2022, Binance’s two main blockchains, Binance Chain and Binance Smart Chain, were grouped together and called the BNB Chain. Binance Coin (BNB) digital currency then was set as a native and exclusive digital currency of the BNB network. This altcoin is based on the ERC-20 standard and follows the same rules governing the Ethereum blockchain. This digital currency makes the Binance Blockchain benefit from the stability and safety of the Ethereum and other Blockchain networks. Also, this digital currency is well protected from theft and has low costs due to its initial creation in the Ethereum network.

Check out Binance coin official website for more information.

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Is Binance Coin legal to buy in Singapore?

Yes. According to the Payment Services Amendment Bill by the Monetary Authority of Singapore (MAS), Digital payment tokens (DPT) or cryptocurrencies are not denominated in any currency but can be used as a form of payment. According to the Managing Director of the Monetary Authority of Singapore, cryptocurrencies can take the form of assets or items of value and can be legally managed through transactions.

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Is Binance Coin taxed in Singapore

Yes and no. According to the E-Tax Guide by the Inland Revenue Authority of Singapore (IRAS), the Singaporean Government taxes crypto depending on the kind of activity that you are doing with the tokens. The profit made through crypto trading in the regular course of business would be subject to income tax. Because of this, any losses and gains you make must be recorded on an annual tax return so that you can report them to the Monetary Authority of Singapore (MAS).

But, according to the mentioned document by IRAS, since there are no capital gainsگ taxations in Singapore, capital gains obtained from the purchase of cryptocurrencies for long-term investment reasons are not subject to taxation in Singapore. In simple terms, if you buy cryptocurrency as a long-term investment and sell it with profit, you will probably be exempt from tax, but if you trade on a regular basis, you will be subject to Income Tax. For more information on individual tax rates visit IRAS.

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After you've bought Binance Coin in Singapore

At first, BNB was used to support the Binance exchange's development and marketing with the money raised from it. Binance Coin (BNB) today facilitates discounted crypto trading on Binance in addition to providing holders with access to the launchpad of the exchange and a number of other goods and services. Besides, nowadays Binance Coin is similar to other digital assets in the market from a general point of view. It is a form of digital asset that can increase in value based on user usage and transactions. Users can also hold BNB like other cryptocurrencies in compatible wallets and send and receive this asset directly.

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Who can buy Binance Coin in Singapore?

Anyone. In order to buy cryptocurrency in Singapore, you can buy crypto tokens from one of many crypto ATMs scattered across Singapore or use a cryptocurrency broker to buy and sell crypto assets. However, when it comes to convenience, your best option is to use a cryptocurrency exchange, which allows you to exchange fiat currencies to cryptocurrencies through various payment services such as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange could be your best choice since it offers payments through the mentioned services and secure transactions with zero exchange fee costs for transactions.

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Buy Binance Coin at your ease

Payment methods to buy Binance Coin in Singapore

Credit Card

Debit Card

Bank Transfer

Credit Card

Debit Card

Bank Transfer

PayPal

Google Pay

Apple Pay

PayPal

Google Pay

Apple Pay

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FAQ

Frequently asked questions

Binance Coin is worth buying due to some of its unique usages compared to other cryptocurrencies and its offering of great features that other coins don’t have yet. For example, the Binance Visa card project could greatly increase the adoption of BNB. Since it converts BNB cryptocurrency into fiat when used for payment, this special feature could make BNB more popular. Also, this digital asset has a very high volume of daily transactions. However, perhaps the best value of Binance Coin these days is that it could eventually replace Ethereum because it is cheaper. With Ethereum fees increasing in February 2021, many developers have switched to the Binance Smart Network (BSC), leading to an increase of BNB value.

No. According to the E-Tax Guide by IRAS, if you use cryptocurrencies to pay for goods and services, the person who pays by cryptocurrency won’t be taxed but the business providing the goods or services will be taxed instead based on the value of the goods or services being provided. This is because cryptocurrencies are not the same as fiat currencies (meaning they aren’t considered legal tender), and they are treated as intangible property for the purposes of income tax treatment. This might reduce the likelihood of businesses accepting your crypto tokens as a form of payment.

Yes. According to the E-Tax Guide by IRAS, crypto trading can be subject to income tax in Singapore, and in case you engage in crypto trading regularly, you should make a record of your transactions so that you can report them to the Monetary Authority of Singapore (MAS).

Our exchange allows you to buy BNB with a minimum order size of $10. You can complete your BNB token purchase using various payment methods provided by our exchange. Choose whichever suits you best and proceed your Binance Coin investment easily.

It is estimated that over 550 thousand people, 9.40% of Singapore’s total population, currently own cryptocurrency.

There are several ways to keep your BNB investment safe: One of the most effective ways is to store them in a hardware wallet, which is a physical device that securely stores your private keys. Additionally, you can use a software wallet, which is a digital wallet that can be stored on your computer or mobile device. Plus, our exchange provides a user-friendly personal online wallet that offers additional features and is easily connected to multiple trading options for BNB cryptocurrency, making your trading experience more efficient.

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