Binance, the global cryptocurrency exchange giant launched its Binance Lite Australia platform. On March 20, the company introduced the easiest way to acquire Bitcoin using cash in Australia. The new cash-to-crypto service platform will accelerate the rate of cryptocurrency adoption in the country.
Binance Lite Australia ranks as the exchange’s first fiat gateway on the blockchain continent. It will provide a secure and reliable cash-to-bitcoin brokerage service via a network of 1,300+ supported Newsagents spread across Australia. Currently, Binance Lite Australia offers the option of buying bitcoin down under using cash (AUD).
The company announced that they have plans to support more digital currencies and fiat purchasing options in the future. The platform also offers a user-friendly bridge between cash and cryptocurrency thus strengthening digital currencies adoption in Australia.
Wei Zhou, Binance CFO, said that the new platform offers easier ways than ever before to buy bitcoin. He confirmed that the exchange giant plans to roll out more fiats to crypto gateways throughout the world to support the growth of the nascent crypto industry. He also believes that more adoption will result in more innovation and additional economic opportunities.
How the Cash-to-crypto Service Works
Once the users verify their Binance Lite Australia account on www.binancelite.com, they can place an order online. After successfully depositing cash at the nearest Newsagent store, the user will then get crypto within minutes of placing an online order. The cash-to-crypto service is easy and simple to use. Also, its state-of-the-art order processing technology is assured to provide maximum security.
Binance integrated credit card payments on Binance.com in January 2019. It then launched a fiat-to-cryptocurrency exchange dubbed Binance.je that charges zero deposit fees. Binance.je also ranks as one of the lowest-priced exchanges for trading British Pounds and Euros with ETH and BTC. Other gateways launched by Binance also include Binance Uganda. This exchange supports the trading of Ugandan Shillings for crypto.
Binance invested USD$2.5 million in TravelbyBit in 2018. TravelbyBit is an Australian Bitcoin travel startup offering global travel booking services through crypto payments. The startup also allows merchants to accept payments in cryptos like BNB and BTC. Zhou said that they chose Australia since it has been at the forefront of blockchain innovation.
Is Binance Considering Crypto Margin Trading?
One Redditor, @enriquejr99, wondered whether Binance is stealthily implementing margin trading. The user, a programmer, discovered two extra Booleans included in the Binance public rest API documentation. After thorough analysis, he noticed that all 482 trading pairs on the exchange have spot trading enabled and margin trading disabled.
It is odd that Binance, an exchange with no margin trading on offer, needs a status check on margin trading in its coding. The user assumes that the API update suggests that Binance may implement margin trading features in the future. Whether they will dive into that trading option or not, only time will tell.