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Binance announced the launch of a "new" Australian platform to buy Bitcoin for cash from 1,000 newspaper outlets across the country. The same service, however, had already existed for a year.
Binance settles in Australia
Binance, the world's largest trading cryptocurrency exchange, has launched a crypto-based currency encryption platform in Australia called Binance Lite Australia.
This service allows users to purchase spot Bitcoin through a network of more than 1,300 Newsagents stores across the country.
According to the current version, the service currently only allows users to buy bitcoins in Australian dollars (AUD), but plans to support more stock options and other digital currencies.
Wei Zhou, Binance's CFO, said:
Binance Lite Australia further expands 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.
Some customers have already shared photos of their receipts online after purchasing BTC with Binance Lite.
On the way to work this morning, while checking my results, I bought Bitcoin using Australia 's binance lite. @TravelbyBit @ binance #binanceangel pic.twitter.com/FI2gttxQnc
– Damien Jones (@Kingdamoj) March 20, 2019
Nothing new under the sun
It turns out that the service that Binance claims to bring as "adoption of the use of cryptocurrency in Australia" already existed.
Bitcoinist reported more than a year ago that a local exchange center called bitcoin.com.au had allowed Australians to buy bitcoins at Newsagents stores in Australia.
However, unlike Binance's offer, bitcoin.com.au also allows users to buy Ethereum. They may also use other payment methods, such as online POLi payments, vouchers, electronic funds transfers via BPAY and cash deposits at all branches of the Bank of Canada. Commonwealth. Users are also allowed to sell Bitcoin.
In addition, it seems that Binance has taken the example of the previous service because it requires exactly the same process of knowing the customer and sets the same minimum purchase limits.
In addition, in October 2018, the Australian Post, one of Australia's oldest institutions, announced that its customers would be able to purchase bitcoins from participating exchanges through its digital identity service.
Bitcoinist contacted Binance for comments but received no response at press time.
Prepare to reveal yourself
If you are looking for anonymity, you may want to consider other options. Binance Lite Australia, along with bitcoin.com.au, requires users to follow a complete Customer Knowledge Procedure (KYC).
In accordance with the FAQ section of the platform, in order to complete the verification process, users must submit "one or two" government-issued ID numbers, which may include your driver's license, your pbadport or your health insurance card.
In addition, users must also confirm their residential address and share their mobile numbers.
It turns out that the platform is not as economical to use. Binance Lite Australia will charge its users a lump sum of 5% plus a Goods and Services Tax (GST) on each purchase.
By way of comparison, Coinbase charges credit and debit cards a flat fee of 3.99% on its platform.
Alternatives exist
Fortunately, there are still various alternatives for users to buy Bitcoins with money in Australia without having to reveal their identity.
One option is the Payfair decentralized escrow platform, where users can buy bitcoins with money without going through KYC verification.
HodlHodl is another peer-to-peer exchange that Australians can use. It is a global P2P exchange of cryptocurrency, which has no KYC requirements. LocalBitcoins is also a P2P option. These two elements do not require you to go through identity verification at the beginning, but their terms of service indicate that platforms "may" require your login during certain events.
What do you think of the new Binance platform in Australia? Do not hesitate to let us know in the comments below!
Images courtesy of Shutterstock
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