Binance Australia Surges in New Users After FTX Collapse

1. Binance Australia has reached 1 million registered users on its platform.
2. The surge is due to the collapse of FTX, according to CEO Leigh Travers.
3. Despite having a small market, Australia has at least 400 registered crypto exchanges.

Binance Australia has witnessed a surge in user registration recently. As stated by Binance Australia CEO Leigh Travers in an interview with the Sydney Morning Herald, the exchange has now processed the registration of its 1 millionth user.

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The milestone is a huge one for the exchange, especially since it has only been operating in the country for two years. In addition, Australia is one of the smallest markets for crypto. Now, Binance Australia considers itself the second-largest crypto exchange in the country, hot on the heels of CoinSpot, another Australia-based crypto trading platform.

Interestingly, Travers believes that the surge in user registration is due to the collapse of FTX. He said:

“There was immediately a pretty big jump, particularly because we’re the only other Australian crypto exchange that has a derivatives offering. We hit all-time highs for the number of users and volumes pretty quickly after the FTX issues.”

On the other hand, Travers admitted that the demise of FTX has greatly harmed the crypto industry, including even Australia, with its smaller market. He even said what happened was “upsetting,” given that Binance claims to “hold [itself] to a certain standard.”

The article also stated that there are at least 400 crypto exchanges registered in Australia. However, some of these have suffered the effects of the crypto winter, including Swyftx, which recently laid off 35% of its staff.

Binance Australia recently held a meetup event in Sydney. Event highlights are in the tweet below.

In other news, Australia will have its own Bitcoin-exclusive conference called Bitcoin Alive. The event, according to the organizers, will be held on April 15, 2023, and will feature leaders in the industry from Australia and beyond.

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