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.
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.