Cryptocurrency exchange Binance has recently expanded down under, with the company announcing that it has launched Binance Australia, a fiat-to-crypto trading platform.
According to a blog post from the exchange on Tuesday, the Binance Australia platform allows Aussies to buy and trade digital currencies with their local currency – the Australian dollar (AUD).
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With the new platform launched down under, Aussies are able to deposit AUD straight from their bank accounts onto the platform, by using PayID. According to the company’s statement, this can be done with zero fees.
In order to withdraw funds from their accounts, users in Australia can link their local bank accounts to Binance Australia and make a withdrawal request. The platform is available on desk and mobile web. An app is expected to be made available at a later date.
Australia is at the forefront of blockchain innovation
Commenting on the launch, Binance Founder and CEO Changpeng Zhao (CZ) said in the statement: “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.”
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Binance Australia is a partner of Binance and connects to the exchange’s broader ecosystem, whilst providing an offering specific to Aussie clients. The new platform will offer all features and functions found on the crypto exchange.
Tuesday’s announcement is part of a larger trend from the crypto exchange, which has established a range of joint ventures to create fiat-to-crypto trading platforms across the world in Singapore, Korea, Uganda, Jersey, and the United States. The company’s launch in the UK is expected to follow.
This is not the first time the crypto exchange has launched a service in Australia. In fact, in March of 2019, the company launched Binance Lite Australia, a brokerage service that allows users to buy Bitcoin with AUD.
“Previously, we made a strategic investment in online travel agency TravelbyBit allowing users to book flights and hotels using digital currencies. Binance Australia furthers our efforts to integrate digital currencies into people’s daily lives,” the company said in its blog post.