Binance launches proper platform for Australian cryptocurrency trading

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Posted on: July 29, 2020 9:44 pm EDT

Binance, the popular global crypto exchange, announced today that is introducing a fiat to cryptocurrency trading platform in the Australian market. Australians will be able to purchase cryptocurrencies directly in Australian dollars.

While Binance already serves Australians, the company’s former product, dubbed Binance Lite Australia, offers a limited range of services. Binance’s new trading platform will operate as a proper exchange for local traders. Users can expect excellent security, deep liquidity, and fast speeds.

In a statement Binance Chief Executive Officer Changpeng Zhao said, “Australia is regarded as a global leader in cryptocurrency and has always been a really big market for the industry. Aussies are forward-thinking and accepting of the new technology and revolutionary change that crypto and blockchain can bring to finance and business applications.”

Zhao went on to say, “We have already seen a great uptake from Australians with our existing offerings, Binance Lite Australia and TravelbyBit. These offerings have provided us with valuable user feedback and market insight to help expand our services and launch to the broader Australian market when the time is right.”

The new platform allows cryptocurrency traders in Australia to deposit Australian Dollars straight from their bank accounts. Transfers will take place instantly and without typical PayID system fees. Other Australia exchanges use the PayID system. Australian Binance users will have the option of linking a local bank account for prompt withdrawals.

At launch, the Australian version of Binance will operate on both mobile and desktop through any popular web browser. The company does have Android, iOS, and iPad OS apps in development, but no launch date has been announced.

Binance was founded in 2017 by software developer Changpeng Zhao. Although initially based in China, the company is now based in Malta and services dozens of nations across the globe.