Binance Unveils Cash-to-Bitcoin Brokerage Service in Australia

On Wednesday, March 20th, Binance announced the launch of Binance Lite Australia, "a bitcoin cash brokerage service that allows users to buy bitcoins by depositing money on a network of newsprint vendors." in charge all over Australia ".

In a press release shared with CryptoGlobe, Binance calls this new service "the easiest way to buy bitcoins with money in Australia," and says that Binance Lite Australia marks its "first ever door". FTA on the mainland to blockchain, and provides a safe and reliable cash brokerage service to bitcoin via a network of more than 1,300 news dealers supported across Australia. "

Although Binance Lite Australia currently only allows the purchase of a single type of cryptocurrency – Bitcoin – and a type of payment method – cash (in Australian Dollars) -, the l & # 39; to come up.

Wei Zhou, Chief Financial Officer of Binance, said:

"Binance Lite Australia is further expanding the adoption of digital currency by offering simpler ways to buy bitcoins. We are excited to continue to deploy more cryptographic / cryptographic gateways worldwide to support the growth of our industry. We firmly believe that more adoption will lead to more innovation and more economic opportunities. "

So, now that we know what Binance Lite is and what it's trying to do, it's time to take a closer look.

The buying process has three steps:

• Create an order. Here's what the command creation screen looks like:

• Deposit some money (in one of the more than 1300 participating merchants in Australia).
• Receive (a few minutes later) the bitcoin you ordered.

And here are the essential details:

• To place an order on the Binance Lite website, you do not need to be an Australian citizen. However, you must be resident in Australia with "a valid Australian phone number" to be able to "perform a spot check of the" Know Your Customer (KYC) "document, the first time you try to place an order, and obviously" you must be physically in Australia to make the cash deposit in person at one of the news stores in Australia. "
• Binance Lite is not a cryptocurrency exchange. This is an online brokerage service that only allows you to buy Bitcoin. It will not contain any bitcoin you buy. Instead, the BTC you buy is delivered to your "designated portfolio address" as soon as you have paid (the "payment window" is 90 minutes, if you are late, your order expires automatically ). Once you have received your bitcoin, you can of course sell it as you wish (but note that Binance Lite does not provide a platform for holding / selling / trading crypto).
• The following Bitcoin wallet address formats are supported: "Existing addresses, which start with the number" 1 "separate witness addresses (SegWit), which start with the number" & " # 39; 3 & # 39 ;; and Bech32 addresses, which start with & # 39; bc1 & # 39; "
• Binance Lite is not "part of the Binance exchange;" it is "operated independently by InvestbyBit Pty Ltd", which is "a digital exchange service provider registered by AUSTRAC" that operates "in close partnership with Binance". (Binance's press release says that InvestbyBit is "an independent subsidiary of the cryptocurrency exchange on Binance.com").
• There is a "5% flat fee" and the Australian sales tax (GST) on every Bitcoin purchase from Binance Lite.
• The minimum and maximum purchase amounts per transaction are $ 50 in bitcoin and $ 2,500 in bitcoin, respectively. During the beta phase, the maximum purchase amount amounts to AUD 1,000 of bitcoin. Finally, note that "only multiples of $ 10 will be accepted".
• The Bitcoin spot price (in AUD) posted on the Binance Lite website is "based on an average of the different rates provided by the largest Australian stock exchanges".

Featured Image Credit: Photo of "pattyjansen" via Pixabay.com; Screen Capture provided by InvestbyBit Pty Ltd