Binance Lite allows Australians to buy crypto in newsagents

19 Mar, 2019
by David Robb
Binance Lite allows Australians to buy crypto in newsagents

Binance's new Binance Lite service is now available in Australian newsagents, as reported by TheNextWeb. Customers will be able to buy Bitcoin (BTC) with cash in over 1300 participating stores.

According to Binance CFO, Wei Zhou, "Binance Lite Australia further expands digital currency adoption by providing easier ways to buy [Bitcoin]. Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause."

This new fiat-for-crypto option is a further expansion of Binance's services in this particular area. The leading crypto exchange recently enabled credit and debit card deposits for the first time, as well as launching a new trading platform in Uganda that accepts the local Shilling currency for trades.

Buying Bitcoin over-the-counter in this way will be significantly more costly than the usual methods. There will be a 5% transaction fee, plus tax. The service also requires ID verification for KYC purposes, meaning much less privacy than many might want from a crypto transaction.

Read more: 5 countries that are going big on cryptocurrency adoptionCould Binance push Ethereum into extinction?

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