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.
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