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After testing the market for over a year, Binance has finally made its full launch in Australia. The move allows Australians access to the cryptocurrency exchange’s full range of products and services, such as the buying and trading of digital currencies, using Australian Dollar (AUD).
“Today we launched Binance Australia, a fiat-to-crypto trading platform providing Australian users with a fast, secure and reliable platform to buy and trade digital currencies with the Australian Dollar (AUD),” Binance said in a post on Tuesday, July 29, 2020.
Binance’s full launch in Australia follows its launch of Binance Lite, which was considered as its way of testing the waters “with a much more rudimentary cash to cryptocurrency exchange,” according to Finder.com. Binance Lite, which was launched in March 2019, allowed customers to buy Bitcoin (BTC) with a rather hefty 5 percent commission fee.
One of the advantages of Binance Australia is that fees are now much cheaper and starts at 0.1 percent. In addition, there are no charges for AUD deposits or withdrawals while the withdrawal request procedure is a lot easier since Australian users can simply link their local bank accounts to Binance Australia.
Currently, Binance Australia is only available for desktop and mobile web. However, the company already announced plans of an app version but it did not reveal an estimated release date.
“Australia has been at the forefront of blockchain innovation with favorable policies,” Binance Founder and CEO Changpeng Zhao (CZ) said. “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 Australia connects users to the broader Binance ecosystem. Clients will have complete access to the functions and features found on Binance.com such as its state-of-the-art security system, high transaction processing speed, and deep liquidity.
Users new to the Binance platform only need to create an account, undergo the usual identity verification process, and select Australia as their country. Meanwhile, existing Australian Binance users only need to make sure that their information is up to date.
“Those are certain things we've balanced out with keeping the platform compliant, while still making sure the user experience is great for everyone,” Binance Australia CEO Jeff Yew said. “Most importantly, give us feedback. We really appreciate this feedback and we grow by listening to feedback.”
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