Australia Welcomes Bitcoin Buying Services Via Binance At 1,300 Locations
Binance is looking to provide a new service that will make it possible for their Australian customers to purchase Bitcoin in-person. According to a report from The Next Web, there will soon be 1,300 supported Newsagents in Australia to offer Bitcoin purchases in a new service called Binance Lite.
Binance Lite will be opening a fiat gateway in the country, which is the first time that the exchange has ever done such a thing. At the launch, the only plan is for Bitcoin to be available for purchase but press on this topic suggests that there will be other fiat and crypto options added at some point after the launch.
Wei Zhou, the CFO of Binance, states that this will enable easier ways to purchase the crypto asset, which will hopefully improve the adoption of digital assets. He added that Australia has remained “at the forefront” of innovation for the fintech behind Bitcoin, which is why they hope that Binance Lite will stimulate more activity in this area.
Users are required to verify their account with the use of Know Your Customer and Anti-Money Laundering processes. Once verified, the users on the Binance platform will have the option of ordering online, depositing their cash at one of the participating stores, and receiving the Bitcoin almost instantly.
In other parts of the world, Binance is breaking down barriers as well. For the Euros and British Points markets, Binance opened the door for credit card payments involving its global exchange, which had never been done before. An exchange was established in Uganda as well for trading with the local Shillings.
The actions that Binance is taking for in-person Bitcoin purchases is similar to the path already being taken in France, where “tabacs” are installing machined that can directly sell Bitcoin for a fee of 7%. Comparatively, Australians will be paying 5% for the services involving cash in a store. Even though this may be the easiest way for Australians to purchase Bitcoin in the country, it will not be the most anonymous or least expensive.