On May 18, payments company Cuscal severed relations with the exchange owing to potential scam and fraud threats brought on by regulatory monitoring and banking constraints.
Binance Australia’s General Manager, Ben Rose, stated his trust in the final judgments of Australian authorities on digital asset rules in the country.
On August 31st, during the Intersekt Fintech conference in Melbourne, Rose reaffirmed the government’s commitment to the development of crypto legislation and expressed confidence that the appropriate results will be attained.
In light of the recent difficulties that the crypto industry, particularly Binance Australia, has been through, this optimism is refreshing.
On May 18, payments company Cuscal severed relations with the exchange owing to potential scam and fraud threats brought on by regulatory monitoring and banking constraints.
As a result, Binance Australia stopped accepting deposits and trading in Australian dollars, and major Australian banks including as Westpac and National Australia Bank limited its customers’ ability to transfer funds to so-called “high-risk exchanges.”
Ben Rose admitted that there were problems, but he emphasized that Binance was committed to getting its one million Australian clients back online with their banks and providing them with fiat services.
Positive industry-regulator coordination was evident in his cooperative talks with the Treasury and ASIC. Rose was still convinced that important decisions being made in Australia, especially about the creation of licensing systems, would have a major effect.
He had just finished up with a round table discussion with the Treasury and ASIC, where he saw positive stakeholder involvement.
Christian Westerlind Wigstrom, of the Australian payments firm Monoova, also provided some insight into the current conversations between cryptocurrency exchanges and government officials.
Wigstrom said that banks are wary about frauds and called for nuanced discussions between authorities, financial institutions, and crypto sector heavyweights.
Instead of instituting blanket restrictions on crypto-related financial transactions, Wigstrom said that proactive and collaborative measures should be used to combat fraud.
He thought that by taking this tack, the problem of frauds in the cryptocurrency industry and beyond might be resolved more permanently.
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