The largest cryptocurrency exchange of the world by adjusted trading volume, Binance, started its service of letting the Company’s Australian users purchase bitcoin by depositing cash through Binance Lite Australia, its new subsidiary.
This innovative service is expected to help customers in acquiring cryptocurrencies at over 1,300 physical stores countrywide. Besides the emerging cash-to-crypto online payment ecosystem the company also has strategies to expand its supported coins.
In a press release, Binance describes their latest service as “the easiest way to buy Bitcoin with cash in Australia,” further adding that Binance Lite Australia has demarcated its
“very first payment gateway in the world of the blockchain, by providing a secure and reliable cash-to-bitcoin brokerage service via an arrangement of 1,300+ supported Newsagents across Australia.”
Being the first domestic company of its kind to offer cash-to-bitcoin brokerage service through Newsagents channels, Binance Lite Australia is founded on alliances with domestic franchises and is accessible at www.binancelite.com.
As far as cryptocurrencies are concerned, Australia has been fairly welcoming for quite a while now, with the initial declaration of cryptocurrencies as legal tender, so its pretty straight forward rules on taxation of crypto purchases and exchange registration.
The exchange has stated that to place an order online, verified clients will be required to make cash payments at the nearest Newsagent store to obtain crypto within minutes.
Currently, Binance Lite Australia is allowing the purchase of only one type of cryptocurrency which is Bitcoin received through only one type of payment method that is cash (in Australian dollars). However, the company has definite plans of adding support for the purchase of other cryptocurrencies and also including support for other fiat options of payment in the future.
The Chief Financial Officer of Binance, Wei Zhou, said that:
“Through offering these more convenient ways of purchasing bitcoin, Binance Lite Australia attempts to develop the adoption of digital currency further. The platform is highly encouraged to persist the rolling out of more fiat to crypto gateways worldwide to sustain the development of this market. In order to have many additional economic opportunities and significant growth of innovation, more adoption of cryptocurrency is required. Since Australia has played a huge part in the movement of blockchain innovation, Binance Lite Australia attempts to be in the forefront to help this cause.”
This is how the process for carrying out a transaction goes-
Firstly, an order needs to be created. Then one has to Deposit cash at any one of the 1300+ engaged newsagents across Australia. Only minutes later, the ordered bitcoin is received. One does not have to be an Australian citizen for placing an order on the website. But a residential proof with a valid Australian mobile number is necessary for performing the KYC. One also needs to be physically present in Australia for depositing cash at the newsagent stores.
As this is not a cryptocurrency exchange, Binance Lite only allows you to purchase Bitcoin and won’t hold any of it. The purchased BTC will be delivered to the “nominated wallet address.” A flat 5% commission in addition to Australian sales tax (GST) is applied to every acquisition of Bitcoin from Binance Lite.
An AUSTRAC registered digital currency exchange service provider, InvestbyBit Pty Ltd, independently operates Binance Lite in partnership with Binance.
The minimum and maximum limits of purchase per transaction are bitcoin worth of AUD 50 and bitcoin worth of AUD 2,500 respectively. Binance Lite website displays the spot Bitcoin price (in AUD) based on an average of the different prices provided by the major Australian exchanges.
Other initiatives from Binance:
Binance supported TravelbyBit, an Australia based several months before their expansion into the Australian market, thereby enabling the elimination of fiat currency exchange at soaring rates by providing tourists with cryptocurrency payments. More than $2.5 million was spent by the exchange for this startup which aimed at developing a point-of-sale (POS), blockchain-based payment system across all the main airports worldwide.
Also, Binance made available, the purchase of cryptocurrencies to the users directly with their credit cards on Binance.com in January. An Israeli credit card payments processing company, Simplex has powered this new feature of its Partner, Binance.
According to reports, Binance has been the second most active crypto exchange of the world over the past 24 hours, having cryptocurrency trades worth $705 million.