Binance Opens Up ‘Full Fiat’ Australian Exchange
Everyday we seek more security and as you know exchanges in the crypto world always a target for hacks. So Binance is going a different direction and open a "Full Fiat Australian Exchange". This means it has old stock exchange technology and mechanism sending money from bank account directly into a crypto deposit and grant user access. This is far away from new technologies like Liquid but its secure.
In a statement on July 29, Binance described the new venture as “a secure and regulated platform for trading digital currencies with AUD” that had been developed through dialogue and engagement with local government and communities.
Australian users will be able to deposit AUD from their bank accounts instantly without incurring fees by using the PayID system — which is also used by other Australian exchanges. The new exchange is launching as a desktop and mobile web service, with an app planned for future release.
Binance’s global ambitions
Binance rolled out Binance Lite Australia last year, which provided limited crypto brokerage services through a network of Australian newsagents and internet banking services. Speaking to Cointelegraph Binance CEO Changpeng Zhao was coy on how successful the "lite" version had been.
“We do not disclose our user data,” he said. “That said, the new Binance Australia platform is informed by our user demand and feedback.”
There are hard times for regulated exchanges and more will come. This is another step to tie new economy with the old world. Read full article here