Crypto exchange Coinbase has announced that its retail customers in Singapore now have access to US dollar transfers. Through the SWIFT network, users in the country can deposit or withdraw USD from their Coinbase accounts.
Hassan Ahmed, the country director of Singapore at Coinbase, said: “We are excited to announce that US dollar transfers are now available for Coinbase users in Singapore. As part of our mission to increase economic freedom in the world, we build products for our users to better access USDC and the broader crypto ecosystem.”
Furthermore, customers in Singapore can benefit from Coinbase’s commission-free trading for USD and USDC. By holding USDC, users can gain up to 5.05% APY with no lockups or maximum limit.
Coinbase is looking to expand its services in the key Singapore market, with plans such as integration with Singapore’s digital identity platform Singpass, partnerships with payments provider PayNow and the granting of a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS).
The exchange is also pushing for clear crypto regulations in the United States, recently filing an appeal against the US Security and Exchange Commission (SEC) after the regulator denied Coinbase’s crypto rulemaking petition. Additionally, Coinbase has launched spot trading markets for non-US institutional customers and money transfer via WhatsApp, Telegram and other social media platforms.
