- Binance is launching a crypto exchange platform in Australia
- Binance Australia will be operated by InvestbyBit, a company that has close ties to the Binance-backed TravelbyBit
Binance is launching an Australian crypto exchange
Binance doesn’t seem to have any plans of slowing down its rapid expansion – the company has announced the launch of Binance Australia, a fiat-to-crypto exchange designed to serve the Australian market. The exchange will enable users to send PayID-powered fiat currency withdrawals and deposits without fees.
Here’s what Binance CEO Changpeng “CZ” Zhao had to say about the launch of Binance Australia:
“Australia has been at the forefront of blockchain innovation with favorable policies. By providing a secure and regulated platform for trading digital currencies with AUD, Binance Australia aims to make crypto more accessible among Australian users, furthering our mission to provide crypto access and drive freedom of money worldwide.”
Similarly to Binance US, Binance Australia will technically not be operated by the same company that runs the flagship Binance exchange. According to a CoinDesk report, the exchange will be operated by InvestbyBit, which is closely affiliated to crypto-powered travel industry company TravelbyBit. CoinDesk writes that the CEO of InvestbyBit is Jeff Yew, who was previously an executive at TravelbyBit. Binance has an ownership stake in TravelbyBit and invested $2.5 million into the company in 2018.
Binance is leveraging its industry-leading position to expand further
Binance has launched numerous spin-off exchanges, which are mostly targeting specific jurisdictions and provide the fiat currency functionality that’s absent from the “main” Binance exchange. Examples include Binance Singapore, Binance US, Binance Jersey, Binance Uganda, and Binance is also gearing up to launch its United Kingdom-based variant Binance UK.
Meanwhile, the Binance.com exchange continues to dominate the cryptocurrency landscape. The platform’s spot markets handled almost $2.75 billion worth of trading volume in the last 24 hours, while the Binance Futures derivatives trading platform saw $5.1 billion worth of volume.
The exchange, which launched in July of 2017 following an initial coin offering (ICO) for the BNB token, celebrated its third anniversary earlier in July.
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