Binance, the world’s largest cryptocurrency exchange by trading volume, is looking to set up shop in Australia. The Malta-based company has been eyeing the Australian market for some time now and is in the process of registering with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
If everything goes according to plan, Binance will be the first major cryptocurrency exchange to operate in Australia. The move will likely boost the adoption of cryptocurrencies Down Under and help legitimize the industry.
Binance first announced its plans to expand into Australia in August 2018, when it partnered with an Australian startup called TravelByBit. The partnership saw Binance invest $2.
5 million in TravelByBit, which provides a digital currency payment system for merchants.
At the time, Binance CEO Changpeng Zhao said that Australia was “one of the most progressive countries” when it comes to cryptocurrencies and blockchain technology. He also said that he hoped Binance would be able to “help accelerate [Australia’s] leadership in this emerging industry.”
Now, it looks like Binance is one step closer to making its presence felt in Australia. The exchange is currently in the process of registering with AUSTRAC, which is a mandatory requirement for all businesses that provide financial services in Australia.
The registration process is expected to take several weeks, but once it’s complete, Binance will be able to offer its services to Australians without any legal hurdles.
Binance’s expansion into Australia comes at a time when the country’s regulators are taking a more hands-off approach to cryptocurrencies. Earlier this year, the Australian Securities and Investments Commission (ASIC) released new guidelines that allow crypto exchanges to operate without a license.
The ASIC’s decision was welcomed by the crypto industry, as it provides clarity and certainty for businesses operating in the space. It also sets Australia apart from other jurisdictions, such as Japan and South Korea, which have taken a more cautious approach to regulating cryptocurrency exchanges.
With its favorable regulatory environment and growing interest in cryptocurrencies, Australia is an attractive market for Binance. The exchange is already popular amongAustralian traders, as it ranks as one of the top 10 exchanges by trading volume on CoinMarketCap.
com.
If Binance can successfully navigate the regulatory landscape and establish itself in Australia, it will be well positioned to capitalize on the growing interest in cryptocurrencies Down Under.