“Binance Australia GM, Ben Rose, Expresses Strong Confidence in Australian Regulators’ Approach to Crypto Regulations
Ben Rose, the General Manager of Binance Australia, has conveyed his firm belief that Australian regulatory authorities will ultimately make well-informed decisions regarding the legal framework for digital assets within the nation. Speaking to Cointelegraph during the Intersekt Fintech conference held in Melbourne on August 31, Rose emphasized the presence of highly capable individuals within the government who are diligently working on crypto policies. He expressed his optimism, stating, ‘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.’
These comments by Rose come at a time when the crypto industry has faced challenges and resistance, some of which have directly impacted Binance Australia. The exchange experienced regulatory scrutiny in July, including a reported regulatory investigation and several instances of traditional financial institutions imposing banking restrictions.
In a significant development on May 18, Binance Australia encountered a sudden disconnection from the Australian banking system after the payments firm Cuscal decided to sever ties with the exchange. Cuscal cited concerns about a ‘high risk’ of scams and fraud as reasons for this action.
As a consequence of these events, Binance Australia was compelled to cease its support for all Australian Dollar (AUD) trading pairs and halt all transactions involving AUD deposits and withdrawals on the platform.”
Despite the obstacles encountered, Rose remains steadfast in his belief that Australian regulatory authorities will ultimately make well-informed decisions regarding cryptocurrency regulations in the longer term.
“Australia faces a critical decision, and we are eagerly awaiting the Treasury’s forthcoming consultation on licensing frameworks. We hold a positive outlook that this will have a significant impact,” Rose elaborated.
He went on to share, “I’ve just concluded a round table discussion with the Treasury and ASIC, and I can affirm that there’s a commendable level of engagement between industry players and regulators.”
Similarly, Christian Westerlind Wigstrom from Monoova, an Australian payments provider, conveyed to Cointelegraph that there has been a remarkable increase in discussions between prominent crypto exchanges and policymakers in recent months.
Wigstrom pointed out, “Banks have legitimate concerns about the prevalence of scams, and no one in the crypto industry is underestimating the need to address this issue.”
Wigstrom advocated for a more nuanced approach rather than continuing with generalized restrictions on funds to crypto exchanges. He emphasized the importance of regulatory authorities and banking entities engaging in productive dialogues with leaders in the crypto industry.
“While scams existed prior to the emergence of crypto and will persist afterward, I’m hopeful that we can collaborate on finding solutions through proactive discussions,” he added.
Regarding specific legislation tailored to Australian crypto firms, Trevor Power, Assistant Secretary at the Australian Treasury, informed Cointelegraph on June 26 that progress is being made and it’s anticipated to be delivered around 2024. Following this announcement, notable banking institutions such as Westpac and National Australia Bank (NAB) swiftly prohibited clients from transferring funds to deemed “high-risk exchanges,” including Binance.
Addressing sentiments about his exchange directly, Rose affirmed that Binance is strongly committed to reestablishing banking partnerships and reintroducing fiat ramp services for its one million Australian customers.