International cryptocurrency exchange Binance has launched a full-service operation into the Australian market.
In a media release announcing the move, Jeff Yew, Binance Australia's chief executive officer, stated that "Australian users can fund their accounts from over 100 banks and credit unions."
To open an account crypto-traders must complete a "simple and quick identity verification process" which will allow them to deposit AUD directly from their bank accounts using PayID. Users can withdraw funds upon request by linking an Australian bank account to their Binance Australia account.
The Binance website indicated that fees are not charged on deposits but a range of fees and charges apply to withdrawals and trading in many of the digital coins and tokens on offer.
The opening of the Binance Australia digital currency marketplace to local users has, nevertheless, followed a cautious path over the past two years:
• In March 2019, Binance Lite Australia, a cash-to-bitcoin brokerage service operating through a network of over 1,300-plus newsagents across Australia, was launched.
• This followed a move in 2018 where Binance invested A$3.5 million to encourage Queensland-based start-up TravelbyBit. This tech firm is now working with the Queensland government to apply blockchain technology to boost regional tourism in that state.
More recently, the company was one of several finance sector firms hit as part of a bitcoin scam by cybercriminals who took over multiple high-profile Twitter accounts from July. According to data analysed by the Atlas VPN research team, this Twitter Bitcoin scam reached 382 million followers, and netted the imposters a six figure sum.
Several cryptocurrency exchange companies were compromised as part of this attack, among them Binance (1.1 million followers), Coinbase (1.1 million followers) and CoinDesk (849 thousand followers). Several cryptocurrency exchange companies were also compromised.