Binance offers cash-to-Bitcoin service in Australia

Binance is continuing to make it easier for its customers to buy Bitcoin. Once just a crypto-to-crypto exchange, it has since created several fiat-to-crypto gateways, and has even added credit-card support so users can buy Bitcoin.

Today, it added a service that allows users to deposit cash into their Binance accounts at more than 1,300  newsagents across Australia. This makes it much easier for Australian customers, who had to previously buy Bitcoin using an alternative service, such as Coinbase, and then had to send it to Binance.

The new service, Binance Lite Australia, will mark the exchange’s first-ever fiat-to-crypto service on the continent, and is expected to further solidify Binance’s strong and growing foothold Down Under. Initially, the service allow for users to exclusively buy Bitcoin with AUD, but the exchange is planning on offering users access to a wider variety of cryptocurrencies in the near-future.

In prepared remarks, Wei Zhou, the Chief Financial Officer (CFO) at Binance, said that the exchange is “excited to continue to roll out more fiat to crypto gateways around the world to support the growth of our industry.” Zhou added that the exchange believes that “more adoption will lead to more innovation and more economic opportunities.”

Users who are interested in converting their AUD to Bitcoin can place an order online, deposit the necessary fiat amount at a participating newsagent store, and then receive the cryptocurrency within minutes, a system that Binance claims offers “maximum security” to users.

The new Binance Lite Australia service essentially offers users a way to easily convert their fiat to crypto without having to deal with any banking issues that may stem from attempting to conduct transfers to a crypto exchange.

Furthermore, the service will also allow users to avoid the complications that can result from attempting to purchase cryptocurrency directly from an exchange via a credit card, since some providers have been quick to restrict users from purchasing digital assets on borrowed money.

The advent of Binance Lite Australia puts an unlikely entity—newsagents—at the forefront of the fiat-to-crypto conversion revolution. Now, Aussies can go to the corner store for a liter of milk and a bunch of Bitcoin.