Binance Australia GM ‘really confident’ regulators will side with crypto

cointelegraph.com:

Binance Australia General Manager Ben Rose says he’s “really confident” that Australian regulators will eventually make the right choices when it comes to laws that govern digital assets in the country. 

“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,” said Rose, speaking to Cointelegraph at the Intersekt Fintech conference in Melbourne, Australia on Aug. 31.

Roses’ comments stand against a backdrop of recent hostility towards crypto — some of which has impacted his exchange, Binance Australia — including a reported search by regulators in July and several banking blocks from the traditional finance sector.

On May 18, 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.

Since then, the exchange has been forced to end its support for all Australian Dollar (AUD) trading pairs, and has halted all AUD-denominated deposits and withdrawals on the exchange.

Fellow Binancians,

We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…

Immediately following the move, a number of major banking institutions including Westpac and National Australia Bank (NAB) banned clients from transferring funds to “high-risk exchanges” including Binance.

Speaking directly to the sentiment towards his exchange, Rose said that Binance is “really focused” on restoring its banking ties and returning fiat ramp services to its one million Australian