Binance, the world's largest cryptocurrency exchange by adjusted trading volume, has just announced its plans to introduce its new service Binance Lite in the Australian newsagents, The Next Web reported yesterday.
The Binance Lite service, which allows users to easily buy Bitcoins, will be initially launched in Australia and will be available in more than 1,300 stores across the country. At the moment, the service only allows users to buy BTC, however, the exchange expects to expand the list of available cryptocurrencies in the future.
The service will not be available to everyone. In order to be able to buy Bitcoin through Binance Lite, users will have to pass Know Your Customer (KYC) and Anti-Money Laundering procedures. After that, potential buyers will be able to place an order online, pay with cash at the newsagent and simply withdraw their Bitcoins in just a few minutes.
It has been reported that Australian buyers will be required to pay a 5% fee for each purchase.
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