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Ben Rose, General Manager of Binance Australia, exudes confidence in the future decisions of Australian regulators concerning cryptocurrency laws within the country.
Speaking at the Intersekt Fintech conference in Melbourne on August 31, Rose 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.”
Rose’s remarks come amidst recent regulatory scrutiny and challenges faced by crypto entities, including Binance Australia, and a reported regulatory search in July, along with banking restrictions imposed by the traditional finance sector.
In May, Binance Australia encountered an abrupt disconnection from the Australian banking system when payments firm Cuscal “offboarded” the exchange, citing a “high risk” of scams and fraud. Subsequently, the exchange had to terminate its support for all Australian dollar trading pairs and suspend AUD-denominated deposits and withdrawals.
In response to these developments, several major banking institutions, including Westpac and National Australia Bank (NAB), prohibited clients from transferring funds to “high-risk exchanges,” including Binance.
Addressing the sentiment surrounding Binance Australia, Rose affirmed the exchange’s commitment to reestablishing banking relationships and reinstating fiat ramp services for its one million Australian users. He stated, “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.”
Despite the current challenges, Rose remains convinced that Australian regulators will ultimately make sound decisions regarding crypto regulation. He emphasized the significance of the Treasury’s consultation on licensing frameworks, stating, “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 highlighted the positive engagement between the crypto industry and regulators, sharing insights from discussions with the Treasury and ASIC. He concluded with optimism, stating, “I’m confident that we’ll get there. I just hope it’s sooner rather than later.”
Christian Westerlind Wigstrom, from Australian payments provider Monoova, echoed the sentiment, acknowledging the extensive discussions between major crypto exchanges and policymakers. He stressed the need for nuanced conversations and proactive discussions with crypto industry leaders to address concerns related to scams and fraud.
Australia is currently working on crypto-specific legislation for crypto firms, expected to be delivered in 2024, according to Australian Treasury Assistant Secretary Trevor Power.
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