Binance makes land grab for Aussie crypto supporters

Binance makes land grab for Aussie crypto supporters

By Benson Toti - min read

Following a year of research and testing, Binance has officially made its full launch in Australia

Binance, the world’s largest cryptocurrency exchange in terms of volume has officially completed its full launch in Australia. This expansion gives Australians the opportunity to access the crypto exchange’s full range of products and services, particularly the buying and trading of digital currencies with the Australian Dollar (AUD).

The announcement from Binance explains that Australian users are now free to deposit AUD directly from their bank accounts without having to pay any transaction fees, courtesy of PayID.

PayID is a platform used to create unique identifiers, which are then linked to bank accounts so that users can send and receive money easier.

As of writing, the Binance Australia platform can only be accessed on desktop and mobile web, with app support scheduled for release at a later date.

The Chief Executive Officer (CEO) and founder of Binance, Changpeng Zhao, explained that the country was an ideal location for the development of cryptocurrencies and blockchain technology.

“Australia has been at the forefront of blockchain innovation with favorable policies. By providing a secure and regulated platform for trading digital currencies with AUD, Binance Australia aims to make crypto more accessible among Australian users, furthering our mission to provide crypto access and drive freedom of money worldwide.” Zhao said.

Binance Australia follows the company’s launch of Binance Lite in March 2019, which provided brokerage services across a network of 1,300 newsagents across the country and through internet banking, powered by POLi payments. The Lite platform enabled users to buy Bitcoin with AUD; however, they also had to pay a five percent commission fee to process the transaction.

Crypto enthusiasts who are interested in setting up a Binance account only need to create an account, go through an identity verification process and select Australia as their country. Australian Binance users only need to ensure that their information has been updated.

The CEO of Binance Australia, Jeff Yew, encourages its users to provide the platform with feedback.

“Those are certain things we’ve balanced out with keeping the platform compliant, while still making sure the user experience is great for everyone. Most importantly, give us feedback. We really appreciate this feedback and we grow by listening to feedback.”

Australia has been receptive to cryptocurrencies. In June, over 2,000 Coca-Cola vending machines were brought into Australia and New Zealand that allow consumers to pay for their beverages using cryptocurrencies. This was made possible due to collaboration between Coca-Cola Amatil and Centrapay, through the Sylo Smart Wallet.