Leading cryptocurrency exchange Binance has launched a Bitcoin on ramping gateway for its users in Australia. In a partnership with local newsagents, Binance will allow users of its Binance Lite platform to purchase Bitcoin (at the moment that’s the only currency supported) online and deposit their cash with the over 1,300 newsagents based around the island nation.
This feature makes it easier for Australians to access cryptocurrencies through their locally available newsagents’ shops. Press material detail that more cryptocurrencies will be supported in the future.
Binance Lite Australia is the first of its kind service in the country and the first in the continent for Binance in the hopes of created gateways to onboard more people to the cryptocurrency space.
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy [Bitcoin],” said Binance’s CFO Wei Zhou in a prepared statement. He added that “Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”
The service will require that users go through the identity verification process (i.e., KYC/AML) since the service is independent of the Binance main platform. Binance describes the purchase process as follows: once the user has been successfully verified, they will have access to the purchase portal through which they will make a purchase order. They will consequently be supposed to visit the nearest newsagent to make the payment. Once the agent receives the money they will then authorize the disbursement of the Bitcoin to the user’s online account which should ideally be completed in a few minutes. Users will be charged a 5% fee to purchase Bitcoin.
Binance Lite Australia becomes the third independent service by Binance after the Binance Uganda crypto-to-fiat gateway and the Binance Jersey. Both of these exchanges allow their users to trade with local currencies. In addition, in January, Binance enabled the purchase of cryptocurrencies through credit cards, a major development that has allowed easier access to cryptocurrencies.