Binance Australia GM Reiterates Faith in Aussie Regulators


As per the reports, the General Manager of Binance Australia, Ben Rose is quoted as saying that he is “really confident” that Australian regulators would ultimately choose the appropriate rules to regulate digital assets in the nation. In his words: “I’m confident that we’ll get there.”

Binance Australia GM Shares Optimistic Views

While Speaking at the Intersekt Fintech conference in Melbourne, Australia on Aug. 31, Rose noted: “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.”

Remarks Amid Investigations

His remarks come amid the ongoing investigations that hit hard on crypto space, which also affected his exchange.

It is notable that the Australian Securities and Investments Commission searched numerous Binance Australia sites in the area back in July, according to some unidentified individuals with knowledge of the matter. According to reports, the action was tied to a probe involving its collapsed local derivatives company. 

Binance Focused on Repairing Banking Ties

Rose noted that Binance is “really focused” on repairing its banking relationships and bringing back fiat ramp features to its one million Australian clients.

He said: “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,” he added:

“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.”

Australia Operations Effected

In addition to Rose, Christian Westerlind Wigstrom from Australian payments service Monoova stated that regulators and institutional participants should have deeper discussions with crypto sector leaders rather than just continuing to offer money to exchanges.

Back in May, Binance Australia declared that its PayID deposits in Australian dollars were banned and that it has suspended Australian dollar services as a result of its local payment services partner Zepto appearing to have stopped providing such services for the exchange.

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