Binance Australia: Key Features and Benefits
Australians can still use Binance for cryptocurrency trading. However, it should be noted that Binance's Australian financial services license has been canceled, which may impact its operations.
Binance is one of the top crypto exchanges. Many people have questioned Binance UK, Binance Nigeria, Binance South Africa, and Binance Australia. This post will discuss Binance Australia. Binance Australia operates as a branch of the globally renowned Binance platform, a leading player in the cryptocurrency exchange sphere.
As a regulated entity, Binance Australia follows stringent protocols and guidelines set by regulators to ensure its operations are secure, transparent, and compliant with Australian financial regulations. However, it's crucial to note that the parent company, Binance, has had its Australian financial services license canceled by the Australian Securities and Investments Commission (ASIC), which could impact its local operations.
Binance: basic facts
Binance is a well-established and viral cryptocurrency exchange platform that provides a broad array of services to users worldwide, including Australians. Binance facilitates trading a broad spectrum of cryptocurrencies, allowing users to transact in EUR, USD, other fiat currencies, and cryptocurrencies.
With Binance, users have access to a highly flexible trading environment. The platform allows a minimum deposit of as low as $1, making it highly accessible for traders of all financial capacities. Moreover, for some cryptocurrency pairs, it offers leverage of up to 1:10, providing traders with the potential for enhanced profit-making opportunities.
Binance maintains a competitive edge with its low spread rate of just 0.1%, thus ensuring users can maximize their trading profits. Furthermore, it doesn't enforce a margin call or stop out, offering users a more relaxed and flexible trading experience. However, users should ensure they have an understanding of these features and adopt responsible trading practices.
Is Binance legal in Australia?
While Binance has built a strong global presence, it's essential to understand the platform's legal standing in Australia. Notably, Binance's Australian financial services license has been canceled by ASIC, Australia's financial regulator. This revocation raises questions about the platform's legal position and how traders in Australia can continue using its services.
Binance Australia currently holds only a Digital Currency Exchange (DCE) provider registration by the Australian Transaction Reports and Analysis Centre (AUSTRAC). The registration enables to provide digital currency exchange services. Binance Australia only offers spot conversion between fiat and digital currency, and Binance Earn Services. There is no derivative trading option.
Binance Australia pros and cons
👍 Pros
• Cryptocurrency Support: Binance supports over 600 different cryptocurrencies. This wide variety of options gives users plenty of opportunities for diversification and the ability to participate in emerging trends in the vast crypto market.
• Low Trading Fees: Binance charges a meager trading fee of 0.1%. This fee can be further reduced if paid using the platform's native Binance Coin (BNB). Low fees make Binance a highly cost-effective platform for regular trading.
• Cashback Offers: For new users who sign up through certain referral links, Binance offers up to $100 cashback vouchers. These vouchers can help offset trading costs and provide additional value for users.
• Interface Options: Binance offers three different interfaces: Basic, Classic, and Advanced. These options cater to a range of users, from beginners to experienced traders, allowing them to choose the interface that best suits their trading style and level of knowledge.
• Staking: Users can earn interest on over 70+ different cryptocurrencies by staking them on the exchange. This feature provides an additional income stream for users and is a great way to maximize the return on idle assets.
👎 Cons
• User Friendliness: Binance is packed with advanced features and functionality, which may be overwhelming for beginners. As a result, it might not be as beginner-friendly as some other exchanges.
• Legal Status in Australia: As of recently, Binance is no longer legally permitted to operate in Australia, with its Australian financial services license being canceled by ASIC. This can create potential legal implications for Australian users, and they should consult with a financial advisor or legal expert before proceeding with any trading activity on Binance.
How to withdraw funds from Binance?
Withdrawing cryptocurrency from your Binance account is straightforward. Here is a step-by-step guide:
Navigate to the “Wallet” tab located in the top-right menu of the Binance platform.
From the drop-down menu, select “Fiat and Spot”.
A list of cryptocurrencies you own will appear along with each balance. Locate the cryptocurrency you wish to withdraw and select “Withdraw”.
Image: How to withdraw AUD from Binance
Go to the exchange where you wish to deposit your cryptocurrency, find the deposit address for the respective cryptocurrency, and copy this address.
Image: How to withdraw AUD from Binance
Return to the Binance platform and paste the deposit address into the “Withdraw” window of the respective cryptocurrency. Make sure the withdrawal network matches the deposit address network.
Input the amount of cryptocurrency you wish to withdraw.
Click “Withdraw” and follow any additional security instructions provided.
Once your transaction has been processed, it will be sent to the blockchain. Depending on the network congestion, your deposit should appear in your new exchange account within minutes to hours.
FAQs
Can Australia still use Binance?
Yes, Australians can still use Binance for cryptocurrency trading. However, it should be noted that Binance's Australian financial services license has been canceled, which may impact its operations.
Is Binance legit in Australia?
While Binance is a legitimate and globally recognized cryptocurrency exchange, its Australian financial services license has been canceled by ASIC, the financial regulator in Australia.
What happened to Binance Australia?
The Australian Securities and Investments Commission canceled Binance Australia's financial services license. However, the platform is still operational, and Australians can still use it for trading cryptocurrencies.
Can I use Binance Global in Australia?
Yes, Australians can use Binance Global. However, users should know that Binance Global does not hold an Australian financial services license.
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Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).