Binance, the cryptocurrency exchange giant, is enabling Autralian users to buy Bitcoin with fiat money at its newsagents, expanding its “Binance Lite” service.
Reported by The Next Web on March 19, “Binance Lite” service allows customers acquire cryptocurrencies at over 1,300 supported newsagents across the country. Currently, this service supports buying Bitcoin only, more digital currency and fiat options will be added in the future.
Once users complete specialized account verification, including Know Your Customer (KYC) and Anti-Money Laundering procedures, they can place an order online, deposit cash at a newsagent and get their Bitcoin “within minutes” together with 5% operation fee.
Earlier this month, in an agreement between the government of Argentina and the Binance Labs to co-invest in blockchain projects which the exchange supports, the CEO of Binance, Changpeng Zhao revealed that the exchange intends to launch a new fiat-to-crypto exchange in the country.
Last February, Binance has partnered with Simplex, an Israel-based payments processing firm, allowing users to purchase crypto by Visa and MasterCard.
Last November, Binance confirmed using an automatic KYC application provided by Refinitiv, which helped to integrate the World-Check Risk Intelligence data into their workflow and screening streamline process for onboarding, KYC and and third-party risk due diligence.