Binance announced that it will now be capable of accepting AUD deposits within its Australian platform, doing so via local bank accounts. However, Coundesk, a popular news publication, had uncovered some interesting facts about the matter. It seems that Binance Australia is run by the founders of a company already providing the local tourist industry with crypto payment services.
Binance Australia Standing As Separate Entity
Changpeng “CZ” Zhao stands as the CEO of Binance, and gave comment within the Binance announcement. He stated that Australian users will now be provided a “regulated platform” through this gateway to use the Binance exchange.
Through inquiries, CoinDesk discovered a few key features of Binance Australia. Like its US counterpart, Binance Australia is a separate entity from the main crypto exchange platform. This stands as a convenient way to operate exchanges with rules differing from the main platform without affecting the market too much.
Same Tactic Across The Globe
The interesting fact is, much like the tactics Binance pulled across the globe, Binance made use of a pre-existing company, one already serving as a licensed Australian crypto exchange. This company, InvestbyBit Pty, is a private company based in Queensland.
Through InvestbyBit, Binance Australia is fully registered with AUSTRAC, one of the primary financial enforcement agencies of the country. This was given thanks to the spokesperson speaking to CoinDesk.
It should be noted that InvestbyBit has very close ties with the crypto payment provider TravelbyBit, who focuses on the tourist industry, primarily. Binance made a hefty investment into TravelbyBit back in late 2018, by the tune of $2.5 million at the time.
Expanding Australian Services
Caleb Yeoh stands as the co-founder of TravelbyBit. He, alongside the COO, Shireen Yip, was closely involved with InvestbyBit until around December of 2019. Again, this was confirmed by a Binance spokesperson
It should be noted that Binance had a precursor service within Australia, as well, known as Binance Lite. This launched back in early 2019, and was operated by InvestbyBit, as well.
While relatively quiet in recent times, Binance is very well known in the industry for its relentless expansionism. In recent times, it’s also gaining some criticism for the blatantly biased reviews it’s giving itself on its crypto data platform, CoinMarketCap. While no crypto exchange is without faults, Binance seems to be the most aggressive in terms of expansion.
Whether or not Binance Australia will be integrated into the main exchange, or continue to stay as its own separate entity remains to be seen.