Binance 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.