Being one of the largest crypto exchanges in the world, Binance has always championed innovations that make the crypto business easier for the masses. The exchange is now in the forefront making efforts to foster broader crypto adoption, and this time around, all eyes are on Australia.
Introducing Binance Lite
Binance has announced plans to launch a service dubbed Binance Lite Australia, an exchange model that will enable people to purchase Bitcoin using fiat currency. The service is set to be rolled out soon, with more cryptocurrencies to be added in time.
Customers can successfully register to enjoy the service by going through an account verification process as well as Know Your Customer (KYC) and Anti-Money-Laundering (AML) procedures.
With this service, Bitcoin fans will be able to buy the crypto from more 1,300 newsagents based within Australia.
All one has to do is place an online order for the digital currency, deposit the fiat currency to a newsagent store, and they’ll receive their Bitcoin in the wallets within minutes. One of the advantages of this model is the ease of the transaction. Customers will pay a 5% fee for the service.
What You Get
In a statement, the exchange’s Chief Finance Officer, Wei Zhou, expressed the company’s interest in continuing to develop fiat-to-crypto gateways to support the growth of the crypto space around the world.
In doing so, Wei believes that cryptos will finally achieve mass adoption and give rise to more economic opportunities. Also, according to Binance, the new service is perfectly secure.
Besides the security, the new service enables users to avoid the complications they might otherwise face when using credit cards to transact on crypto exchanges, especially because some of the payment providers and credit card companies don’t allow users to purchase cryptocurrencies with borrowed funds.