Binance crypto exchange launches full-scale operation in Australia

Friday 12 July 2020, 12:00 AM AEST - 5 days ago

Binance crypto exchangeBinance crypto exchange launches full-scale operation in Australia 19

Binance crypto exchange said to be the largest exchange firm with the volume of transactions it handles, and its user base has launched fully in Australia.

Operating in Australia previously under the Binance Lite platform, the exchanges newly launched fiat-to-crypto trading platform in the country operates crypto trading denominated in the Australian dollar (AUD). Binance Lite, the firms debutant platform in Australia, was to test water before they made it more comprehensive with their launch.

By providing a secure and regulated platform for trading digital currencies with AUD, Binance Australia aims to make crypto more accessible among Australian users, furthering our mission to provide crypto access and drive freedom of money worldwide, Binance founder and CEO Changpeng Zhao said in a statement.

With Binance crypto exchange full launch in the country, Australians can now use Binance to buy, sell cryptos with AUD. Also, they enjoy zero fee charge on AUD deposits and withdrawal.

InvestbyBit Binance operation

Previously, Binance operations in Australia were handled by InvestbyBit Pty, a firm with close ties to TravelbyBit, a Queensland-based private company, and a licensed Australian digital currency exchange.

Previously, we made a strategic investment in online travel agency TravelbyBit, allowing users to book flights and hotels using digital currencies, Binance said in its statement.

Binance Australia CEO Jeff Yew, who was a former CPO of the Australian crypto startup TravelbyBit also said that there were collaborations with the Queensland government to bring in tourism interest into local indigenous communities in regional Queensland.

Yew said after his Binance appointment, a simple fiat to crypto brokerage service through a network of over 1,000 agents in the country alongside internet banking.

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