Binance Australia recently added Australian Dollar (AUD) deposits through PayID/Osko to the Binance app. Customers in Australia are now able to make deposits in AUD without having to pay any fees. These transactions can be processed through PayID (directly from customers’ Australian bank accounts).
As mentioned in the announcement, PayID/Osko is a widely-used instant interbank payment method that’s currently supported by more than 100 banks and credit unions based in Australia.
The update from Binance also noted:
“With this launch, Australian users can now conveniently deposit AUD into their Binance accounts from the app anytime, anywhere. This opens more opportunities for you to buy Bitcoin and other cryptocurrencies while you are out and about – never miss out on the market no matter where you are.”
While explaining why users may want to consider using PayID, Binance stated that it’s free to use the service. AUD deposits through PayID don’t come with hidden fees, the exchange claims.
Binance also mentioned that PayID deposits are usually instant, including on the weekends or during public holidays. The exchange claims that it’s also a secure service. Binance Australia “generates unique PayIDs for each user.” This means that users need not be concerned about misspelling or accidentally omitting certain payment details or descriptions (because none are required).
Binance confirmed that PayID/Osko payments are supported by most major Australian banks and credit unions, including the nation’s big four banks. They include the Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank.
Earlier this year, Binance had announced a $100 million accelerator fund for crypto and blockchain-focused projects. The exchange recently revealed that there are now 11 (total) blockchain-related initiatives that are being supported by the fund.
As reported in October 2020, the US dollar has been a key driver of solid Bitcoin (BTC) performance (and other crypto-assets) this year, according to a report from Binance.
Binance was hosting $128 million worth of stablecoins on its Liquid platform (as of October 2020). In September 2020, Binance Futures reported $1 trillion in crypto derivatives trading volume (year-to-date).
While Binance’s growth has been impressive, especially considering that the company launched only a few years back in 2017, it has received multiple warnings from regulators. Authorities in several jurisdictions have warned that Binance is operating in recognized markets without authorization. The exchange has also been the subject of several lawsuits.