Binance Australia Is Actually Run by the Founders of TravelbyBit

Thursday 1 July 2020, 1:31 AM AEST - 6 days ago CEO Changpeng Zhao image via CoinDesk archives

Turns out Binances new Australian fiat-to-crypto exchange platform is run by the founders of a company providing crypto payment services for the local tourist industry.

  • Binance announced Wednesday its Australian platform – a local onramp to the broader Binance ecosystem – will now accept AUD deposits from local bank accounts.
  • In the announcement, CEO Changpeng Zhao (CZ) said the gateway will provide a "regulated platform" for Australian users.
  • After CoinDesk made inquiries, a spokesperson said Binance Australia was a separate entity from their main exchange group – similar to Binance U.Ss.
  • It is operated by InvestbyBit Pty – a Queensland-based private company and a licensed Australian digital currency exchange.
  • Through InvestbyBit, Binance Australia is registered with AUSTRAC – one of the country's primary financial enforcement agencies, the spokesperson added.
  • As the name suggests, InvestbyBit has close ties to TravelbyBit – a crypto payment provider for the tourist industry that Binance invested $2.5 million into in late 2018.
  • On LinkedIn, InvestbyBit CEO, Caleb Yeoh, is one of the co-founders of TravelbyBit; COO Shireen Yip is also listed as InvestbyBit's investment consultant.
  • When Binance Australia's precursor, Binance Lite, launched in early 2019, it was also operated by InvestbyBit.

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