Binance Launches Fiat-to-Crypto Trading Platform in Australia

Cryptocurrency exchange Binance has recently expanded down under, with the company announcing that it has launched Binance Australia, a fiat-to-crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.

According to a blog post from the exchange on Tuesday, the Binance Australia platform allows Aussies to buy and trade digital currencies with their local currency - the Australian dollar (AUD).

With the new platform launched down under, Aussies are able to deposit AUD straight from their bank accounts onto the platform, by using PayID. According to the company's statement, this can be done with zero fees.

In order to withdraw funds from their accounts, users in Australia can link their local bank accounts to Binance Australia and make a withdrawal request. The platform is available on desk and mobile web. An app is expected to be made available at a later date.

Australia is at the forefront of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term innovation

Commenting on the launch, Binance Founder and CEO Changpeng Zhao (CZ) said in the statement: "Australia has been at the forefront of blockchain innovation with favorable policies.

"By providing a secure and regulated platform for trading digital currencies with AUD, Binance Australia aims to make crypto more accessible among Australian users, furthering our mission to provide crypto access and drive freedom of money worldwide."

Binance continues global expansion

Binance Australia is a partner of Binance and connects to the exchange's broader ecosystem, whilst providing an offering specific to Aussie clients. The new platform will offer all features and functions found on the crypto exchange.

Tuesday's announcement is part of a larger trend from the crypto exchange, which has established a range of joint ventures to create fiat-to-crypto trading platforms across the world in Singapore, Korea, Uganda, Jersey, and the United States. The company's launch in the UK is expected to follow.

This is not the first time the crypto exchange has launched a service in Australia. In fact, in March of 2019, the company launched Binance Lite Australia, a brokerage service that allows users to buy Bitcoin with AUD.

"Previously, we made a strategic investment in online travel agency TravelbyBit allowing users to book flights and hotels using digital currencies. Binance Australia furthers our efforts to integrate digital currencies into people's daily lives," the company said in its blog post.