The CEO of the world’s largest exchange by trading volume, revealed exclusively to an Australian news portal that Binance plans to open a branch in Australia.
The Malta-based cryptocurrency exchange giant is at the head of an array of developments in its ecosystem. Despite several upgrades to the platform itself, the Changpeng Zhao-led exchange is keen on global expansion either way. During an interview in Singapore this week with Micky, the company’s head said that it is actively looking at establishing an Australian branch of the exchange.
Binance Lite is not an Exchange
Moreover, Australian citizens already have Binance Lite in place. However, the platform is operated by InvestbyBit Pvt. Ltd. Additionally, the Binance Lite FAQ page points out that the platform is not an exchange, but a cash-to-Bitcoin brokerage service. The platform asserts that it doesn’t act as a storage medium either for users with cryptocurrencies; as the platform merely sends coins to nominated wallet addresses. While clarifying that Binance Lite and the imminent project are completely different entities, CZ said:
“It’s not quite the same. We are looking at different options to turn on Binance Australia. It may not be this year so hopefully early next year sometime we will turn it on.”
Global Expansion not Limited
In addition, Binance’s global expansion plans are not limited to Australia. A few months ago, following increasing regulatory pressure, the Malta-based exchange rolled out a U.S-exclusive arm for American citizens. A few days ago, Binance tapped into Turkey with a Turkish lira fiat gateway. Additionally, today Binance tapped the Indian market by acquiring key Indian cryptocurrency exchange, WazirX. This comes after the news of Binance launching a fiat gateway in Africa as well.
In conclusion,while the timeframe is unclear, CZ seems to be indicating that Binance Australia won’t open for at least a year. However, this is the first official confirmation that Binance Australia is under active consideration.