Binance to offer “cash for bitcoin” gateway via 1300 Australian newsstands

The world's largest crypto exchange, Binance, is marking its debut in Australia with the launch of a cash-to-bitcoin service, Binance Lite, according to a press release.
 
KYC-verified Australians will be able to make an order for bitcoin before depositing cash at one of the 1300 partner newsstands across the country, for a 5 percent commission fee plus tax. The statement added users will eventually be able to buy other digital currencies in cash using Binance Lite.
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Binance’s CFO told Aussie crypto site, Nugget's News, that Australia would be a pilot before extending Binance Lite across the world. The country’s infrastructure and crypto enthusiasm should prove a fruitful environment for one of Binance’s first non-digital on-ramps. Nugget's News’ CEO Alex Saunders called Australia “the most crypto-obsessed country per capita,” estimating that its 24 million citizens make up 10 to 20% of the total global investment in the space.  The new launch marks the continent's first fiat-to-crypto gateway.

 

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Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.