Coinbase Expands Into Australia with Two New Services

Crypto exchange Coinbase announced this week that it is expanding its services to retail customers in Australia, making it easier for them to buy, sell, and trade cryptocurrencies.

The U.S.-based cryptocurrency exchange Coinbase announced that it would be strengthening its presence in the Land Down Under by offering locals an “easier and safer” option to enter the crypto market. In its most recent announcement Managing Director at Coinbase, Nana Murugesan said that Aussies are some of the earliest adopters of digital assets and said described them as “savvy investors.”

Hello Australia! ??

Coinbase is making it easier for Australians to buy, sell, and trade crypto. Now with PayID support enabling AUD deposits and withdrawals, access to over 200+ crypto assets with Advanced Trading tools, security features and 24/7 chat support. pic.twitter.com/1HeSjUtN5u

— Coinbase (@coinbase) October 4, 2022

Included in the exchange’s expansion are two new features: PayID and Retail Advanced Trading. PayID is a feature that will allow Australians to top up their accounts using direct Australian dollar transfers. Retail Advanced Trading is offered to local clients and provides them access to low volume-based pricing instruments with one unified balance. Coinbase will also offer Aussies 24/7 customer support for any issues that arise when using the platform. Murugesan said:

At Coinbase, we believe that advancing access to crypto and Web3 will further economic freedom around the world.

She added that Coinbase is also a supporter of cryptocurrency regulations and has collaborated with Australian financial watchdogs before they introduced the offerings. To support its presence in Australia, Coinbase also incorporated a local entity and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital exchange services.

In Australia, we have incorporated Coinbase as a local entity (Coinbase Australia Pty Ltd) and obtained registration and enrolment with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services. We believe Australia is well positioned to lead the world in its approach to crypto, the announcement details.

Coinbase has actively been expanding its reach into many territories. The exchange recently secured regulatory approval to operate in the Netherlands to offer institutional and retail crypto products in the country and eventually throughout the entire European Union.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.