Binance is known for doing everything in style. When it launched its fiat-crypto exchange Binance LCX in Liechtenstein, it made the headlines for getting it licensed within a few days. Now when it has entered Australia, it’s making headlines for something even bigger: its Binance Lite exchange platform will allow people to purchase cryptocurrencies across 1,300 Australian stores.
Yep. Binance might have announced its expansion to Argentina a few days ago, but before that the company has expanded to Australia. Its Binance Lite Australia platform launched yesterday is an exchange platform that will allow people to purchase Bitcoins for Australia dollars. Once users have signed up and gone through the required verification procedures they’ll be allowed to place their purchase orders for BTC on the platform. The users can then pay for their order at any of the 1,300 Binance-partner retail stores near them. The company will charge a 5% fee for the service.
At present the only cryptocurrency that you can buy this way on Binance Lite Australia is Bitcoin. But soon company plans to make it available for other cryptocurrencies as well. Wei Zhou, CFO of Binance, said that the platform will provide increased adoption of cryptocurrencies in Australia, while adding that the platform will further expand the service to include other cryptocurrencies and currencies as well in future. He also added that the service will also be expanded to other countries besides Australia, but didn’t provide any deadlines for the same.
Over the course of last few years Binance has taken many steps outside its home market to expand the reach and availability of cryptocurrencies. It has expanded to many countries, and it has also launched a variety of new products and services to establish an entire crypto ecosystem. Its entry to Liechtenstein and Australia are examples of geographical expansion, while its launch of Binance DCX, Binance Launchpad and Binance Academy are examples of ecosystem expansion.
Speaking of Australia, the country has recently been involved in a number of pro-crypto developments. Recently country’s postal service also started allowing people to purchase Bitcoin using its Digital ID service, and world’s first blockchain bond was also issued by Commonwealth Bank of Australia. Therefore, it was only a matter of time before Binance decided to enter Australia.
Now it will be very interesting to see what other pro-crypto developments unfold next in the country.