THELOGICALINDIAN - Binance has appear the barrage of a new belvedere in Australia to buy Bitcoin with banknote beyond 1300 Newsagent locations beyond the country The exact aforementioned account about already existed for over year
Binance Sets Foot in Australia
The world’s better cryptocurrency barter by trading volume, Binance, has launched a cash-to-crypto belvedere in Australia, alleged Binance Lite Australia.
The account allows users to acquirement Bitcoin with banknote through a arrangement of over 1,300 Newsagents food beyond the country.
Per the release, the account currently alone allows users to buy bitcoin application Australian Dollars (AUD), but it affairs to abutment added authorization purchasing options and added agenda currencies in the future.
Speaking on the amount was Binance’s CFO, Wei Zhou, who said:
Some barter accept already aggregate pictures online of their receipts afterwards purchasing BTC application Binance Lite.
Nothing New Under the Sun
As it turns out, the account which Binance touts to accompany “adoption of cryptocurrency use in Australia” already existed.
Bitcoinist reported over a year ago that a bounded barter alleged bitcoin.com.au has enabled Australians to acquirement bitcoins at Newsagents shops in Australia.
Unlike Binance’s offering, however, bitcoin.com.au additionally allows users to buy Ethereum. They can additionally use added acquittal methods such as online POLi payments, vouchers, cyberbanking funds alteration through BPAY and OTC/ATM banknote deposits to any Commonwealth Bank branch. Users are additionally accustomed to advertise Bitcoin.
Furthermore, it does assume like Binance has taken archetype from the antecedent service, as it does crave the exact aforementioned KYC process, as able-bodied as ambience the aforementioned minimum acquirement limits.
Moreover, in October 2018, one of Australia’s oldest institutions, Australia Post, announced that its barter will be able to buy bitcoin on accommodating exchanges application its Digital ID service.
Bitcoinist has contacted Binance for comments but did not resceive any acknowledgment at columnist time.
Prepare to Reveal Yourself
If anonymity is what you’re attractive for, however, you ability accede added options. Binance Lite Australia, as able-bodied as bitcoin.com.au, crave users to go through a absolute Know Your Customer (KYC) procedure.
Per the FAQ area of the platform, in adjustment to complete the analysis process, users are appropriate to abide “up to 1-2” government issued ID certificate numbers, which may accommodate your Driver’s Licence, Passport, or Medicare card.
Moreover, users are additionally appropriate to affirm their residential abode and allotment their adaptable buzz numbers.
As it additionally turns out, the belvedere isn’t that bargain to use as well. Binance Lite Australia will be charging its users a collapsed fee of 5 percent additional a Goods and Service Tax (GST) on every purchase.
For comparison, Coinbase charges acclaim and debit agenda buys on its belvedere a collapsed 3.99 percent fee.
Alternatives Exist
Luckily, there are still assorted alternatives users can use to acquirement Bitcoin with banknote in Australia after accepting to acknowledge their identity.
One advantage is decentralized escrow belvedere Payfair, area users can acquirement Bitcoin with banknote after accepting to go through KYC verification.
Another peer-to-peer barter that Australians can use is HodlHodl. It’s a all-around P2P cryptocurrency exchange, which has no KYC requirements. LocalBitcoins is additionally a P2P option. Both of these don’t crave you to go through character analysis at the beginning, but their agreement of account acknowledgment that the platforms “may” crave your ID in assertive events.
What do you anticipate of Binance’s new belvedere in Australia? Don’t alternate to let us apperceive in the comments below!
Images address of Shutterstock
