Major cryptocurrency exchange Binance announced the expansion of their Binance Lite service in Australia in a blog post this Tuesday.
The platform, Binance Lite Australia, is the first fiat gateway for Binance on the continent, and will enable its customers to buy digital currency with fiat money through a network of more than 1,300 supported newsagents across the country. For now, the service only supports the purchase of Bitcoin with Australian dollars (AUD), but the exchange has said it plans to support more digital currency and fiat options in the future.
To use the service, customers need to create an account and pass a verification process, which includes Know Your Customer (KYC), and Anti-Money Laundering procedures. After the account has been created and verified, users can then place an order to buy Bitcoin online, deposit cash at the nearest newsagent, and receive their crypto “within minutes”.
Users of Binance Lite Australia will be charged a 5% transaction fee, plus Goods and Services Tax (GST) on all of their Bitcoin purchases. According to Binance CFO Wei Zhou, the platform will strengthen cryptocurrency adoption in Australia, by bridging the gap between digital currency and cash. He said:
Binance Lite Australia further expands digital currency adoption by providing easier ways to buy bitcoin. We are excited to continue to roll out more fiat to crypto gateways around the world to support the growth of our industry. We firmly believe that more adoption will lead to more innovation and more economic opportunities
Binance has been aiming to further cryptocurrency adoption for some time now. In January, the leading cryptocurrency exchange added support for crypto purchases using credit cards, through its partnership with payment processor Simplex. Nimrod Lehavi, co-founder and CEO of Simplex, had said at the time that easy and fast credit card payments are a “key factor in wider adoption of crypto in general”.