Binance Australia's General Manager Ben Rose is exuding optimism regarding the future of cryptocurrency regulations in Australia. Speaking recently at the Intersekt Fintech conference, he expressed strong confidence in the ability of Australian regulators to make informed decisions on laws pertaining to digital assets.
Challenges With the Australian Banking System
In a surprising move on May 18, Binance Australia found itself abruptly severed from the country's banking system. The culprit? Payments firm Cuscal, which chose to "offboard" the exchange, highlighting concerns over a "high risk" of scams and fraud.
This sudden action forced the crypto exchange to suspend its support for Australian dollar trading pairs. Additionally, all AUD-denominated deposits and withdrawals came to a grinding halt. Addressing this setback, Rose commented, "Binance is really focused on restoring its banking ties and returning fiat ramp services to its one million Australian customers.
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."
Positive Conversations with Regulators
Despite facing regulatory headwinds, Rose remains undeterred and confident about the future.
His confidence is not without basis; he underscores the country's impending decisions surrounding cryptocurrency. "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 explained. Furthermore, he indicated that his recent engagement with key regulatory bodies was positive. "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 emphasized.
Rose's sentiments mirror the hopes of many in the burgeoning crypto industry in Australia and globally, reflecting a broader desire for clarity and supportive regulatory frameworks. As the narrative surrounding cryptocurrency continues to evolve, stakeholders like Binance Australia remain eager for forward-thinking regulations.
Ending on a hopeful note, Rose stated, "I'm confident that we'll get there. I just hope it's sooner rather than later”.
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