Cryptocurrency exchange Binance is launching a fiat-to-crypto trading platform in Australia, to offer direct purchases of crypto using the Australian dollar (AUD).
Binance already operates Binance Lite Australia which offers limited services.
Aussies 🇦🇺! You can now deposit and withdraw $AUD directly from, and to your bank account, with ZERO fees! Check it out ⬇️https://t.co/XfFBOXIGPA — Binance (@binance) July 28, 2020
However, 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.
On July 29, Binance described in a statement 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 a desktop and mobile web service, with an app soon planned for future release.
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 explained on how the “lite” version had been:
“We do not disclose our user data..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.”
Binance has also previously invested in Aussie digital currency tourism firm TravelByBit, which allows users to book flights and accommodation using cryptocurrencies.
Binance’s move beyond crypto-only trading services has expanded on establishing fiat-to-crypto trading platforms in Uganda, Singapore, Korea, Jersey, and the United States.
The exchange 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.