Binance exchange rolls out cash-to-crypto services in Australia

Global cryptocurrency exchange Binance has begun services in Australia, giving consumers and investors the chance to buy crypto in Australian dollar in a first for the platform.

The new service, called Binance Lite Australia, was confirmed in a blog post as a step towards greater adoption and use of cryptocurrencies in the Australian market, according to Binance.

Wei Zhou, CFO at Binance, said the Australian launch was the latest step in their strategy of reaching into new global markets. He explained, “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.”

The new service “bridges the gap” between cash and cryptocurrency in Australia, allowing users to purchase crypto in locally denominated currency through a trusted platform.

While the range of cryptocurrencies is limited at launch, the firm confirmed plans to onboard additional payment methods support in the months to come.

Customers register with the service and place orders online, with cash deposits handled by local newsagents, similar to other over-the-counter style payment and remittance services. Once cash has been submitted at a relevant physical location, the crypto is sent in minutes, providing an easier interface for Aussie customers to buy in cash.

Binance said the service represents a ‘simple’ and ‘easy to use’ mechanism for exchanging cash for crypto, explaining, “Upon account verification on www.binancelite.com, Binance Lite Australia users can place an order online and successfully deposit cash at the nearest Newsagent store, to receive crypto within minutes.”

It added, “Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”

The service is the latest gateway of its kind to be launched by Binance, as the firm continues to expand into new countries worldwide.