Can I buy Binance Coin (BNB) in Australia?
Yes, Binance Coin is the fifth largest cryptocurrency in the world in terms of market cap, so it is available to buy on most cryptocurrency exchanges. However, even though there is an abundance of cryptocurrency investing platforms that offer this token, it's important to choose which exchange to use wisely.
Most cryptocurrency exchanges available in Australia are not properly regulated and licensed, and your funds may not be secure on their platforms. We suggest using a trusted cryptocurrency exchange like CoinSpot, it is the only high-security digital asset investing platform in Australia. It offers competitively low fees and many features including cryptocurrency staking and an NFT marketplace.
How to buy Binance Coin (BNB) in Australia
As mentioned above, the easiest way to buy Binance (BNB) in Australia is with the CoinSpot exchange. Their platform is the largest in the country and offers the most Australian Dollar deposit methods including bank transfer, debit card, credit card, PayID, Osko, cash and much more.
You can get started in just four simple steps with our guide below:
- Step 1: Create an account on CoinSpot and verify your identity.
- Step 2:Click ‘Deposit Funds’ then ‘Direct Deposit’. Then, copy your Unique Direct Deposit Details into your banking app and send funds to your CoinSpot account. The funds will be deposited instantly.
- Step 3: Go to the ‘Buy/Sell’ tab and search for BNB.
- Step 4: Input the amount you want to invest and select ‘Buy’.
Is it legal to hold Binance (BNB)?
Yes, it is legal to hold Binance (BNB) tokens in Australia. The Binance exchange itself is a regulated entity in Australia as Binance PTY LTD (ABN 20 634 729 285) and are legally allowed to operate an exchange in the country. An investment in Binance (BNB) tokens would be treated the same as an investment in traditional stocks like Facebook or Tesla, meaning capital gains taxes willy apply.
In addition to being a utility token, BNB is also an important part of Binance's governance system. Binance uses 20% of its profits to buy back and destroy BNB tokens each quarter, in a process known as "coin burning." This reduces the supply of BNB in circulation and, theoretically, should increase the value of the remaining tokens.
Coin burns are just one way that Binance is working to increase the value of BNB. The exchange has also been investing heavily in new products and services, such as its decentralised exchange (DEX) and launchpad platform for initial coin offerings (ICOs). With a strong team, active community, and promising roadmap, Binance Coin is one of the most exciting projects in the cryptocurrency space.