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Binance Now Lets Australians Buy Bitcoin With Cash at Over 1,300 Stores

Yogita Khatri
An exchange-traded product (ETP) tracking the price of the XRP cryptocurrency has gone live on Switzerland’s primary stock exchange SIX.

Cryptocurrency exchange Binance has unveiled a new platform in Australia that allows users to buy bitcoin with cash from high-street stores.

Announcing the news on Tuesday, Binance said the new gateway, called Binance Lite Australia, is cash-to-bitcoin brokerage service accessible through a network of 1,300-plus supported newsagents across the country.

The platform currently offers the option to buy only bitcoin using Australian dollars (AUD), but the exchange said it plans to support more cryptocurrencies and fiat options in the future.

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Once users have carried out an account verification processes, they can place an order to buy bitcoin online, deposit cash at the nearest newsagent and receive crypto “within minutes,” according to the announcement.

Binance Lite Australia charges a 5 percent transaction fee plus goods and services tax (GST) on all bitcoin purchases.

Binance CFO Wei Zhou said that the new platform further expands cryptocurrency adoption “by providing easier ways to buy bitcoin.” He added that the exchange will in future offer more fiat-to-cryptocurrency gateways around the world.

Binance has been quickly growing its operations globally. In January, it launched a fiat-to-crypto exchange on the island of Jersey, a British self-governing dependency, allowing users to trade bitcoin and ethereum against the British pound and the euro. Last June, the exchange also launched a fiat-to-crypto exchange in Uganda.

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Recently, Binance and its official wallet, Trust Wallet, moved to allow users to buy cryptocurrencies with credit cards, through a partnership with Israel-based payments processor Simplex.

France-based crypto startup Keplerk similarly partnered with local tobacco retailers to sell bitcoin through their stores in November.

Bitcoin in Australia image via Shutterstock

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