As The Top Crypto Exchange Continues Its Expansion, Could Binance Australia Be Next?

The Malta-based crypto giant is looking to expand its territories worldwide. It just acquired India's top crypto exchange, WazirX last night. The exchange platform does not seem to be deterred by any market sentiments as it aims at establishing a branch on the antipodean shores.

Binance Expands

Changpeng Zhao, the Binance boss, told Micky, an Aussie crypto outlet, that the company is set to open a branch in Australia during an interview this week in Singapore. Reports claimed that there was already a ‘Lite’ version that is operational in Oz but with only a small range of services. It provides a few coins for sale to customers in cash at specified retail outlets.

Cz said that the plans to roll out the Australian branch might not be fulfilled this year, but in early 2020, the project could materialize. There is no predetermined time when the launch is supposed to take place, but it is estimated to happen as of June next year. Binance will focus on broader markets before commencing on the launching on the Australian soil.

Australia is seen to have a tremendous penetration of crypto in the country. Binance CEO met with Steven Marshall, who is South Australian Premier in August. That was when Adelaide was singled out as the ideal place to construct a blockchain city.

Today we had the pleasure of meeting Hon. @marshall_steven, Premier of South Australia 🇦🇺 . We think Adelaide would be the perfect place to #BUIDL a #Blockchain City! P.S. Nice hat 👀 pic.twitter.com/rJrcrnNyc6

— Binance (@binance) August 2, 2019

There has been an inaugural blockchain and tech event going on in southern Adelaide known as ‘SouthStart’ this week. The event is expected to be centered on crypto and the future of blockchain in Australia. As the awareness spreads, numerous outlets are acknowledging crypto payments, and the number will rise with Adelaide already in the wagon.

Crypto Growth in Australia

Research shows that about 17% of Aussies have some cryptocurrency. The study also indicated that more than a third of Generation Y and over a quarter of the latest generation have been in possession of a digital asset.

Other findings are that more Aussies are planning to purchase crypto, and most believe it will be accepted by many people worldwide.