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.

See also: Binance Is Not Under Our Jurisdiction, Says Malta Regulator

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