Binance Australia Sees Corporate Users Grow by 400% Since Last Quarter

Binance Australia has seen their SMSF and corporate user base grow by over 400% compared to the previous quarter, end of 2020. This news was reported directly from Binance Australia to Crypto News.

With the previous significant rally in 2017, the public perception of crypto was very different to what we’re seeing more recently. There has been far bigger growth this time around, but not with quite the same level of noise in the mainstream that we experienced in 2017 suggesting much of the investment in the last few months has been institutional.

Binance Australia’s CEO, Jeff Yew

Users can register a Corporate account on Binance Australia (also known as an “Enterprise Account”) through a new account or by turning their existing personal account into an enterprise account.

Presently, setting up a corporate account can be a lengthy process, however, that seems to be the case with all legitimate crypto exchanges operating worldwide and in Australia. They are subject to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules as well as required to be compliant with all applicable laws, like any other registered financial institution and digital currency exchange in Australia.

2021 is Looking Promising for Binance Australia

This news also follows other recent uptakes with Binance AUD Trading Volume Over A$130 Million In a Single Day. Users can now do PayID/Osko Australian Dollar (AUD) deposits with zero fees directly from their Australian bank accounts.

Jeff Yew (Binance Australia’s CEO) also mentioned that they are seeing cryptos as an asset class and technology that is better understood, and far better appreciated in 2021, with the recent sustained bull run is supporting this. As the retail demand for crypto assets continues to grow, he believes they will continue to see this increase in institutional adoption of Bitcoin, likely to lead to a supply squeeze of the asset.