Binance Lite Will Allow Australians to Purchase Bitcoin for Cash from over 1,300 Stores
Cryptocurrency fans down under will soon be able to buy bitcoin (BTC) from their nearest newsagent, thanks to Binance’s newly launched service called “Binance Lite,” reports The Next Web, March 19, 2019.
Australians Can Now Buy Bitcoin for Cash
Malta-based cryptocurrency exchange Binance has quickly cemented itself as one of the strongest forces helping increase the footprint of digital currencies the world over.
Per sources close to the matter, the exchange’s latest service offering called Binance Lite will provide a fiat gateway to Australian crypto-enthusiasts to purchase bitcoin from over 1,300 supported newsagents across the island nation.
(Source: Binance)
As it stands, the service will only support the purchase of bitcoin. However, the press states that the exchange has plans to add options for more cryptocurrencies and fiat in the future.
Wei Zhou, CFO, Binance, said:
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy [Bitcoin]. Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”
How does it Work?
To buy bitcoin, users first need to complete their Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) verification.
Post successful verification, users will be able to place orders for bitcoin online. Once an order is confirmed, users can make the payment in cash at their nearest newsagent shop and receive bitcoin “within minutes.”
(Source: Binance)
However, it’s worth noting that the exchange will charge a five percent transaction fee on every transaction (plus GST), which might not sit too well with some users.
Further, the user’s anonymity might also be at risk as they cannot buy bitcoin from a newsagent shop without completing the KYC and AML verification.
Binance Bearing the Crypto Torch
There’s rarely a day that goes by without Binance making rounds in crypto news.
Founded in 2017, Binance is a cryptocurrency exchange with a global presence which enables users to trade in more than 100 digital currencies. The exchange is the world’s largest in terms of trading volume and has taken a number of steps to ensure trading cryptocurrencies is as easy as possible.
BTCManager reported on February 5, 2019, how Binance made public its decision to accept credit cards as a medium of payment for the purchase of cryptocurrencies.
