Binance Opens Fiat-to-Crypto Trading Platform for the Australian Market; Ran by TravelbyBit Exec
Binance has launched a new fiat-to-crypto platform for the Australian market, a move that will enable its users from the down south to be able to buy digital assets as well as trade them against the local currency, AUD. The crypto exchange announced the milestone in a blog post on July 28, noting that Australians will now have access to a broader range of digital assets compared to the portfolio under Binance Lite Australia, a crypto brokerage initiative launched for this market back in March 2019.
Binance touted the new platform as ‘fast, secure and reliable’ given its underlying value proposition to the Aussies. With this new initiative, users operating in the Australian market will be able to make AUD deposits on Binance from their bank accounts through PayID. As for withdrawals, users only have to link their bank accounts with Binance Australia to initiate such a request. Currently, Binance Australia’s services are available on mobile web and desktop, with the app set to be integrated later.
Binance Founder and CEO, known as CZ in the crypto space, has since noted this underlying potential in Australia and an opportunity for Binance to flex muscles down south as well,
“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.”
Binance Global Expansion Streak
This top crypto exchange has been making inroads to a number of markets in recent months as more stakeholders demand crypto services in their local jurisdictions. One strategy that the firm appears to have mastered is running local subsidiaries through affiliate partners. Binance Australia, for instance, is run by a locally registered crypto exchange dubbed ‘InvestbyBit, Pty,’ which is closely related to crypto payment service provider, TravelbyBit.
Some of the markets that the exchange has recently expanded to include the U.S, South Korea, Jersey, and Uganda. In addition to this, Binance has also signaled that it will soon launch its service in the U.K as it looks to scale its market position even further. Apart from expanding its trading services, the CZ led crypto exchange has been aggressively listing new digital currencies to its P2P trading ecosystem.