Binance has introduced the launch of a ‘new’ platform in Australia to purchase Bitcoin with cash throughout 1,300 Newsagent areas throughout the nation. The very same service, nevertheless, already existed for over 12 months. 

Binance Units Foot in Australia

The world’s largest cryptocurrency alternate by buying and selling quantity, Binance, has launched a cash-to-crypto platform in Australia, referred to as Binance Lite Australia.

The service permits customers to buy Bitcoin with cash by a community of over 1,300 Newsagents shops throughout the nation.

Per the discharge, the service at present solely permits customers to purchase bitcoin utilizing Australian {Dollars} (AUD), but it surely plans to help extra fiat buying choices and different digital currencies sooner or later.

Talking on the matter was Binance’s CFO, Wei Zhou, who mentioned:

Binance Lite Australia additional expands digital forex adoption by offering simpler methods to purchase bitcoin. We’re excited to proceed to roll out extra fiat to crypto gateways around the globe to help the expansion of our trade. […] We firmly imagine that extra adoption will result in extra innovation and extra financial alternatives.

Some prospects have already shared photos on-line of their receipts after buying BTC utilizing Binance Lite.

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Nothing New Beneath the Solar

Because it seems, the service which Binance touts to deliver “adoption of cryptocurrency use in Australia” already existed.

Bitcoinist reported over a 12 months in the past {that a} native alternate referred to as bitcoin.com.au has enabled Australians to buy bitcoins at Newsagents retailers in Australia.

In contrast to Binance’s providing, nevertheless, bitcoin.com.au additionally permits customers to purchase Ethereum. They will additionally use different fee strategies equivalent to on-line POLi funds, vouchers, digital funds switch by BPAY and OTC/ATM cash deposits to any Commonwealth Financial institution department. Customers are additionally allowed to promote Bitcoin.

Moreover, it does appear to be Binance has taken instance from the earlier service, because it does require the very same KYC course of, in addition to setting the identical minimal buy limits.

Furthermore, in October 2018, one in every of Australia’s oldest establishments, Australia Submit, introduced that its prospects will be capable to purchase bitcoin on collaborating exchanges utilizing its Digital ID service.

Bitcoinist has contacted Binance for feedback however didn’t resceive any response at press time.

Put together to Reveal Your self

If anonymity is what you’re on the lookout for, nevertheless, you would possibly think about different choices. Binance Lite Australia, in addition to bitcoin.com.au, require customers to undergo an intensive Know Your Buyer (KYC) process.

Per the FAQ part of the platform, in an effort to full the verification course of, customers are required to submit “up to 1-2” authorities issued ID doc numbers, which can embody your Driver’s Licence, Passport, or Medicare card.

Furthermore, customers are additionally required to verify their residential deal with and share their cell phone numbers.

Because it additionally seems, the platform isn’t that low cost to make use of as properly. Binance Lite Australia will likely be charging its customers a flat price of 5 % plus a Items and Service Tax (GST) on each buy.

For comparability, Coinbase fees credit score and debit card buys on its platform a flat 3.99 % price.

Alternate options Exist

Fortunately, there are nonetheless numerous options customers can use to buy Bitcoin with cash in Australia with out having to disclose their id.

One choice is decentralized escrow platform Payfair, the place customers can buy Bitcoin with cash with out having to undergo KYC verification.

One other peer-to-peer alternate that Australians can use is HodlHodl. It’s a worldwide P2P cryptocurrency alternate, which has no KYC necessities. LocalBitcoins can be a P2P choice. Each of those don’t require you to undergo id verification at the start, however their phrases of service point out that the platforms “may” require your ID in sure occasions.

What do you consider Binance’s new platform in Australia? Don’t hesitate to tell us within the feedback under!

Photographs courtesy of Shutterstock

The put up Binance Opens ‘New’ Money-for-Crypto Service in Australia (That Already Existed) appeared first on Bitcoinist.com.

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