- CoinSpot ranked sixth in terms of popularity among iOS devices.
- Australian regulatory advice is uncertain.
- Locals choose platforms that accept their local money.
Despite the increase in app downloads on both iOS and Google, local incumbents remain unmoved. Four of Australia’s largest crypto exchanges say they are unconcerned that some of the industry’s major companies have long targeted the nation. Kraken, Gemini, and Binance have opened offices recently, vying for domestic market dominance.
While foreign players’ app downloads on iOS and Google are increasing, local stalwarts Swyftx, CoinSpot, CoinJar, and BTC Markets remain unaffected. Gemini was one of the first major worldwide exchanges to open in Australia in mid-2019. Kraken started an Australian fiat-to-crypto exchange in June 2017.
A month later, Binance. InvestbyBit Pty Ltd. is registered and operated in Australia. Binance has emphasized various countries, including Singapore and Malta.
The Australian market has been difficult to penetrate for both crypto and traditional banking companies. Locals choose platforms that accept their local money and provide assistance in their language.
CoinSpot ranked sixth in terms of popularity among iOS devices in the financial category at press time. The more prominent companies say it’s less about market dominance and more about spreading crypto acceptance in those areas.
Competition Good For the Home Market
Also, Australian regulatory advice is uncertain. Despite exploring the advantages of a central bank digital currency, the country’s central bank rejected cryptocurrencies as a speculative venture not worth regulating.
Still, crypto exchanges are becoming more competitive. Despite what CoinSpot, CoinJar, BTC Markets, and Swyftx claim, the bigger exchanges seem to promote their services to local Australians effectively. The exchanges are part of a rising chorus saying Binance, Kraken, and Gemini pose no danger.
All exchanges believed competition, good for the home market, particularly in lowering prices and pushing platform upgrades and innovation.
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