Binance Australia unveils fiat-to-crypto trading service

Binance Exchange launched Binance Australia, a fiat-to-crypto platform
2 years ago
2 mins read

On July 29, reports emerged that the Binance crypto exchange is expanding its services to Australia. The exchange has launched Binance Australia, a fiat-to-crypto trading platform. Aussies can now trade and acquire digital currencies using the Australian dollar (AUD) through the platform.

By using Binance Australia, users can deposit AUD from their bank accounts directly onto the platform using PayID. The company said that the transaction can be completed with zero fees.

Also, users in Australia can integrate their local bank accounts with Binance Australia and make withdrawal requests. Official reports confirm that the platform is active on mobile web and desktop. But, an app is expected to be developed later.

Binance Founder and CEO Changpeng Zhao (CZ) is confident that Australia can spearhead blockchain innovations in the region. He stated:

“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.”

This development enables Binance to further its mission to offer crypto access and drive freedom of money throughout the world.

Binance expanding globally

Binance Australia is a partner of Binance exchange. It connects to the exchange’s wider ecosystem but offers customized services to Aussie clients. Notably, the new platform comes in a design that offers all functions and features found on the cryptocurrency exchange.

This announcement forms part of a wider trend from Binance which has set up multiple joint ventures. The crypto exchange has already created fiat-to-crypto trading platforms across the globe in Uganda, Singapore, the United States, Korea, and Jersey.

It is not the first time Binance has invested in Australia. In March 2019, the exchange unveiled a brokerage service in the country, Binance Lite Australia. The service enables users to acquire Bitcoin with AUD. The company said in its blog:

“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.”

A launch in the United Kingdom will soon follow.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.