Major cryptocurrency exchange Binance is launching a fiat-to-crypto trading platform in Australia, offering support for direct purchases of crypto using the Australian dollar (AUD).
Binance already operates Binance Lite Australia which offers limited services, but the new venture will be more like a fully fledged exchange providing local traders with access to the speed, deep liquidity and security controls of the flagship platform.
In a statement on July 29, Binance described the new venture as “a secure and regulated platform for trading digital currencies with AUD” that had been developed through dialogue and engagement with local government and communities.
Australian users will be able to deposit AUD from their bank accounts instantly without incurring fees by using the PayID system — which is also used by other Australian exchanges. The new exchange is launching as a desktop and mobile web service, with an app planned for future release.
Binance’s global ambitions
Binance rolled out Binance Lite Australia last year, which provided limited crypto brokerage services through a network of Australian newsagents and internet banking services. Binance CEO Changpeng Zhao was coy on how successful the “lite” version had been.
“We do not disclose our user data,” he said. “That said, the new Binance Australia platform is informed by our user demand and feedback.”
“Through servicing Australian users with Binance Lite, we have collected valuable insights to help expand our services offered to Australian users, as well as carry over features they love — including no-fee deposits — into Binance Australia,” he added.
Cash for crypto
Binance’s ambitions to move beyond crypto-only trading services have spurred it to establish fiat-to-crypto trading platforms in Uganda —- the first of its fiat-to-crypto ventures —- Singapore, Korea, Jersey and the United States.
The exchange has had to vary its services and in some cases limit them, or pursue joint ventures, in response to variations in local regulatory frameworks for cryptocurrency trading.
Recently, the exchange announced plans to launch Binance UK in the United Kingdom. It also continues to add supported fiat currencies to the Binance peer-to-peer trading platform as well as multiple fiat currency options for Visa and Mastercard purchases on its platform.