Binance launched a new Australian fiat-to-crypto exchange platform Wednesday that CoinDesk has discovered is run by the founders of a company providing crypto payment services for the local tourist industry.
- Binance announced Wednesday its Australian platform – a local onramp to the broader Binance ecosystem – will now accept AUD deposits from local bank accounts.
- In the announcement, CEO Changpeng Zhao said the gateway will provide a “regulated platform” for Australian users.
- After CoinDesk made inquiries, a spokesperson said Binance Australia was a separate entity from the main exchange group – similar to Binance U.S.
- It is operated by InvestbyBit Pty, a Queensland-based private company and a licensed Australian digital currency exchange.
- Through InvestbyBit, Binance Australia is registered with AUSTRAC, one of the country’s primary financial enforcement agencies, the spokesperson added.
- As the name suggests, InvestbyBit has close ties to TravelbyBit, a crypto payment provider for the tourist industry in which Binance invested $2.5 million in late 2018.
- On LinkedIn, InvestbyBit CEO Caleb Yeoh is one of the co-founders of TravelbyBit; COO Shireen Yip is also listed as InvestbyBit’s investment consultant.
- When Binance Australia’s precursor, Binance Lite, launched in early 2019, it was also operated by InvestbyBit.
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