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Binance Launches Cash-to-Crypto Service Through Newsagents In Australia


Binance, the world's largest cryptocurrency exchange by market capitalization, launched a new fiat-to-crypto brokerage service platform called BinanceLite in Australia to boost the use of cryptocurrencies such as Bitcoin (BTC) in the country.

Binance Lite is operated by InvestbyBit, an independently operated subsidiary of the Binance in Australia.

People in Australia can now use the Binance Lite platform to buy Bitcoin against Australian Dollar in cash through a network of more than 1,300 Blueshyft-powered supported Newsagents across Australia. The platform charges a 5 percent commission per transaction, plus GST on the commission, for providing the service.

The platform plans to support more digital currencies and fiat purchasing options in the future.

Binance Lite Australia users can place an order online for Bitcoins after account verification on the site Binancelite.com using Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. They can then deposit cash at the nearest Newsagent store, to receive the crypto within minutes into the wallet address specified by them.

The minimum purchase amount is A$50 and in multiples of A$10, with the maximum capped at A$1000 during the Beta phase.

In January of 2019, Binance had integrated credit card payments on Binance.com and launched Binance.je, a fiat-to-cryptocurrency exchange with zero deposit fees and one of the lowest-priced exchanges for trading Euros and British Pounds with BTC and Ethereum (ETH).

Binance has also launched a fiat gateway in the African nation of Uganda as an exchange supporting the trading of Ugandan Shillings for cryptocurrency.

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