Binance Australia General Manager Ben Rose is optimistic that Australian regulators will ultimately make the right decisions in terms of regulating digital assets in the country.
Speaking at the Intersekt Fintech conference in Melbourne, Australia, on August 31, Rose said, “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 comments come amidst recent hostility towards crypto, some of which has affected Binance Australia. The exchange faced a reported search by regulators in July and has experienced banking blocks from the traditional finance sector.
In May, Binance Australia was suddenly cut off from Australia’s banking system after payments firm Cuscal “offboarded” the exchange, citing a “high risk” of scams and fraud. As a result, the exchange had to end its support for all Australian Dollar (AUD) trading pairs and halt AUD-denominated deposits and withdrawals.
Following this move, major banking institutions such as Westpac and National Australia Bank (NAB) banned clients from transferring funds to “high-risk exchanges,” including Binance.
Regarding the sentiment towards his exchange, Rose emphasized that Binance is focused on restoring its banking ties and returning fiat ramp services to its one million Australian customers.
Despite the challenges, Rose is confident that Australian regulators will make the right decision when it comes to crypto regulation in the long run.
He explained, “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 further added that there is good engagement between the industry and regulators, expressing his hope that the decision will be reached soon.
Christian Westerlind Wigstrom from Australian payments provider Monoova also highlighted the need for more nuanced conversations between regulators, banking players, and crypto industry leaders instead of blanket blocks on funds to crypto exchanges.
Wigstrom said, “Scammers were here before crypto and they’re going to be here after crypto. I’m hoping that we can work on this together and actually have a proactive discussion.”
Australian Treasury assistant secretary Trevor Power mentioned that crypto-specific legislation for Australian crypto firms is on track to be delivered in 2024.