Binance is ramping up in Australia, enabling users to buy Bitcoin with Aussie dollars online with no fees. CZ says it’s ‘just the beginning’.
Australia’s Binance Lite has partnered with POLi Payments to allow users to buy Bitcoin with no fees directly on their website. It’s live this morning.
The crypto brokerage outfit (it’s not an exchange) says it’s just the first of many cryptocurrencies to be offered online by Binance’s Australian operation, with more digital assets announced early in the new year.
It’s a significant upgrade as until now, Binance Lite only took payments over the counter at 1300 retail locations.
Transactions made in person cost 2.5% to cover the merchant’s time and overheads, however, the new online service will have zero fees until March.
Binance Lite said the fee will be 0.5% afterward.
POLi Payments is an Australian service that allows users to log into their online bank accounts and transfer money for payments directly to a merchant.
Binance Lite also has an escrow feature that locks in real-time Bitcoin prices at the time of purchase, while waiting for the funds to clear.
This can take three days initially – Binance Lite says there is a chargeback risk in this period – before the funds fully clear. Subsequent transfers will clear in a day or less.
Users will need to pass KYC identity verification checks as required by Australian law.
Binance Lite told Micky this should only take a few hours to be approved.
CZ promises bigger things are coming
Changpeng Zhao, the CEO of Binance, said it was just the beginning.
“This new service through the integration with POLi Payments marks the start of our larger plans to make crypto more accessible in Australia,” CZ said.
“We are looking forward to seeing the increase of utility across the region with many Australians already transacting in crypto for booking travels, buying coffee and more. I would love to visit Australia one day and spend bitcoin and BNB there.”