Temasek-backed Vertex invests in cryptocurrency exchange Binance
SINGAPORE (Reuters) - Vertex Ventures, backed by Singapore state fund Temasek [TEM.UL], has invested in Binance, one of the world's biggest cryptocurrency exchanges, as it prepares to expand operations into the city-state, the firms said on Tuesday. In a joint statement, the firms said the investment - the amount of which was undisclosed - will help Binance build and launch by year-end an exchange in Singapore for swapping between hard currencies and digital currencies. The investment by Vertex Ventures China and Vertex Ventures Southeast Asia & India funds will also help Binance launch other exchanges and services throughout Southeast Asia. Singapore aims to become a hub for financial technology and innovation in Asia even if some policymakers have warned about the risks of speculative investments in cryptocurrencies. Hong Kong-based Binance was warned by Japan's financial watchdog in March for operating without registration. (Reporting by Aradhana Aravindan; Editing by John Geddie and Sunil Nair)