Binance Lite is a cash-buy option currently available to Australia only. Binance is slowly trying to bring the Crypto adoption upon us.
The people around the globe are usually buying Crypto online from Exchanges via bank transfers or with credit cards. Most of the online platforms that offer fiat-to-crypto services can often be a pain to the older generations or just simple people because they require a lot of details and steps to be followed. Not to mention the time wasted if something went wrong and the customer has to submit the verification again. The online services can include some other risks as well. For example, accounts getting hacked, exchanges vanishing with the funds, errors, people adding a wrong key, etc.
Binance Lite is trying to amend this situation of buying online by adding Fiat Gateways where KYC (Know Your Customer) verification can be made up-front, therefore, removing some of the risks with online platforms. The Fiat Gateways will make Crypto more accessible to millions of people that may need some crypto to purchase something or just to hold a small amount. Binance’s approach is more likely to bring more investors to the space.
Take a look at Coinbase for example. The customer needs to be KYC verified and bank account verified, which can take days or weeks in some cases. When the verification is complete, the customer has two options; via credit card or bank transfer. While the bank transfer option has no fees, it’s very slow and can take up to a few days. The credit card option is very fast, but the customer will pay fees depending on the purchased amount, not to mention the transfer fees.
While the newsagents will charge a 5% fee, it is more convenient for some of the customers to use this service than the other online ones, which may cost the same amount or more for the fast card purchases of Crypto. I have seen online services charging even 15%. The large investors will most likely use bank transfer services.
Merchants in Australia
The platform is up and running in Australia. Customers are currently able to buy Bitcoin with AUD from the local newsagents also known as newsstands. As of now, over 1300 newsstands are using Binance Lite. The consumer will be asked to complete a KYC form on the first purchase in order to use this service.
The current amount of Bitcoin that can be purchased with cash is from 50$ to 1000$. The customer has to hand in the cash and the public key in order to receive Bitcoin.
Binance Lite is planning on adding more cryptocurrency options to the platform and to expand it globally in the future.