July 21, 2024
Binance Australia's GM Expresses Confidence in Australian Crypto Regulation
Policy & Regulation

Binance Australia’s GM Expresses Confidence in Australian Crypto Regulation

Ben Rose, general manager of Binance Australia, says he is “really confident” that Australian regulators will ultimately choose the best legislation to govern digital assets in the nation.

“There are lots of very smart people in the government working really hard on [crypto] policy, so I’m really confident that we’ll get there in the end,” stated Rose at the Intersekt Fintech conference in Melbourne, Australia, on August 31.

Roses’ remarks are set against a backdrop of recent anti-crypto sentiment, some of which has affected his exchange, Binance Australia. This anti-crypto sentiment includes a rumoured search by regulators in July and a number of banking restrictions in the conventional finance field.

After payments company Cuscal “offboarded” the exchange on May 18, citing a “high risk” of scams and fraud, Binance Australia was abruptly shut off from Australia’s banking system.

Since that time, the exchange has been compelled to stop supporting all AUD trading pairs and has stopped accepting any deposits or withdrawals made in AUD.

Following the action, a number of significant financial organizations, including Westpac and the National Australia Bank (NAB), forbade customers from sending money to “high-risk exchanges,” which included Binance.

Speaking specifically about how his exchange was received, Rose stated that Binance is “really focused” on re-establishing its banking relationships and providing its one million Australian users with fiat ramp services.

“We’re having some really good conversations, and while we haven’t got any specific outcomes right now, I’m really focused on making the changes we need to make.”

Ben Rose, general manager of Binance Australia

Despite the difficulties, Rose is certain that Australian regulators will eventually make the right choice about crypto regulation.

“Australia’s got a really important decision to make, and we’re waiting to see what the Treasury’s consultation around the licensing frameworks looks like. We’re really positive that’s going to make a big difference,” Rose commented.

“I’ve just come out of a round table with the Treasury and ASIC, and I can tell you that there’s really good engagement between the industry and regulators,” he further added.

“I’m confident that we’ll get there. I just hope it’s sooner rather than later.”

Ben Rose

The quantity of interactions between significant crypto exchanges and politicians in recent months, according to Christian Westerlind Wigstrom of Australian payments company Monoova, has been “breathtaking.”

“Banks are justifiably terrified by the extent of scams, and no one [in crypto] is thinking this is something we don’t need to worry about,” stated Wigstrom.

Regulators and banking participants, according to Wigstrom, should have more nuanced discussions with key figures in the cryptocurrency industry rather than merely continuing to provide blanket blocks of money to cryptocurrency exchanges.

“Scammers were here before crypto, and they’re going to be here after crypto. I’m hoping that we can work on this together and actually have a proactive discussion,” he later added.

According to Trevor Power, assistant secretary of the Australian Treasury, crypto-specific legislation for Australian crypto companies is expected to be provided in 2024.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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