The Binance crypto exchange is coming to Australia
Crypto

The Binance crypto exchange is coming to Australia

By Marco Cavicchioli - 20 Nov 2019

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During an interview, the CEO of Binance revealed that they plan to open a crypto exchange in Australia

In fact Changpeng CZ Zhao this week gave an interview to Micky, in Singapore, during which he spoke about the developments of the company in the southern country. 

In reality, there’s no certainty that it’s a new exchange, such as Binance US, because CZ said: 

“We are looking at different options to turn on Binance Australia”. 

It may well be a simple office, or branch, especially because Binance Lite is already operational in Australia, which however is not really an exchange, but a limited-service that allows the purchase of cryptocurrencies at physical points of sale, with cash. 

In this regard, CZ itself said: 

“It’s not quite the same”. 

However, he stated that the goal is to be operational possibly at the beginning of next year and that sooner or later they will. 

So although there is no certainty, at least there is official confirmation that Binance is looking at something specific for the country, despite the fact that CZ has also revealed that the company is currently focusing on larger markets.

The goal would be to provide tools for the purchase and exchange of cryptocurrencies in 180 new fiat currencies, in addition to those already accepted. 

Moreover, in Australia, AUSTRAC is particularly attentive to compliance with anti-money laundering and anti-terrorism (AML/CTF) regulations, to the extent that it has recently accused Westpac of violating these laws on more than 23 million occasions. 

Westpac Banking Corporation is an Australian bank founded in 1817, one of the four largest banks in the country, with 14 million customers and 40,000 employees, while AUSTRAC (Australian Transaction Reports and Analysis Centre) is the public body that regulates and controls the financial markets as far as anti-money laundering and anti-terrorism are concerned.

Given that the level of attention is so high, it may not be particularly easy for Binance to open an exchange in Australia. However, after having succeeded in opening one in the US, the task is certainly not unfeasible. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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