Buying a bank won't solve crypto's debanking issue: Binance CEO

CZ highlighted examples such as regulatory complexity and capital requirements as reasons why he isn’t keen on Binance buying a bank.

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Reuters: Binance Australia Users Rush to Sell Bitcoin Amid Payment Issues

According to a recent report by Reuters, Bitcoin prices on Binance's Australian platform were almost A$9,000 lower than those on rival exchanges on Tuesday. (Read More)

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Former DigitalX Executive Appointed As The New Binance Australia CEO

The former executive of the first blockchain listed publicly is now the current CEO of Binance Australia. The exchange announced Leigh Travers’s appointment. The new CEO was formerly the chief executive of DigitalX, a locally known blockchain technology and payment enterprise. Leigh Travers served seven years at DigitalX. He also served as a board member in Blockchain Australia, the local leading blockchain sector body. DigitalX broke records as the first publicly-listed blockchain organization in June 2014. Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos This announcement was made after the firm completed the reverse takeover of Macro Energy Ltd, an Australian Stock Exchange-listed Firm. Travers Reaction To The New Office Leigh Travers disclosed that his priority is to build relationships for Binance Australia with regulators. Also, he emphasized that he aims to grow Australia’s brand. He stated that the company has a special part to play: to become involved in assisting in structuring the industry’s growth. That is why; they need to prioritize conversations and engagements with regulators and policymakers, says Travers. In his speech, Travers added that “looking from the industry’s viewpoint, I’m aware that it is essential to continue developing the sector’s relationship with the regulatory bodies. Also, we need to strengthen Binance Australia’s dedication to compliance as well as best practice. Binance Australia Launch July 2020 brought the official launching of crypto exchange Australia. Meanwhile, InvestbyBit operates the Australian Binance subsidiary. InvestbyBit is a locally operating digital asset platform that AUSTRAC (Australian Transaction Reports and Analysis Centre) regulates. The platform went into operations on Sept. 2017. As we gathered from the Australian Business Register reports, on February 22, 2019, InvestbyBit was rebranded to Binance Pay. Four days later, it changed its brand to Binance Lite. Then, again on August 6, 2020, the company undertook another rebranding to become Binance Australia. In April, Jeff Yew, the former CEO of Binance Australia, resigned from the company. After leaving Binance Australia in April, Jeff launched Monochrome in May. Monochrome is a unit trust which targets funds as well as high net worth persons. In his speech at Sydney Morning Herald last May, Leigh Yew expressed that Australia’s policymakers failed in their duty to deliver sufficient regulatory clarity to the digital asset zone. Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack Thus, he calls for higher regulation in crypto trading exchanges. Most especially since many retail investors and institutions now admire digital assets like Ethereum and bitcoin. The cryptocurrency market is following an uptrend on the daily chart | Source: Crypto Total Market Cap on TradingView.com Yew acknowledged that Australia is more up-to-date with its regulations as compared to other economies. However, there is the need to work harder on regulation to stop dodgy operators from exploiting everyday investors. Featured Image From Pixabay, Chart From TradingView.com

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Binance Australia Appoints Former DigitalX EXEC Leigh Travers as New CEO

Binance exchange officially announced yesterday that hired former DigitalX CEO and director Leigh Travers as the CEO of Binance Australia. (Read More)

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Binance Australia onboards former DigitalX exec as new CEO

The former head of the world's first publicly-listed blockchain firm the is new CEO of Binance’s Australian subsidiary.

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Binance Halts Deposits and Possibly Withdrawals for Aussie Users After Being Cut Off by Australian Payment Service Provider

Binance Australia said on May 18 that it is “unable to facilitate PayID AUD deposits for Binance users” due to a third-party payment service provider’s decision to discontinue support for the crypto exchange. Binance Australia said while it works to find an alternative, users can still “buy and sell crypto using credit or debit cards.”

The post Binance Halts Deposits and Possibly Withdrawals for Aussie Users After Being Cut Off by Australian Payment Service Provider appeared first on BTC Ethereum Crypto Currency Blog.

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Binance Australia partner hints at rising ‘scams’ after debanking exchange

The third-party payments provider for Binance Australia, Cuscal, hinted about the impact of “scams and fraud” related to “account fraud, ID takeover and crypto activity” after being questioned why it offboarded the exchange on May 18. The payments provider did not specifically address Binance or crypto exchanges in its statement to Cointelegraph and declined to [...]

The post Binance Australia partner hints at rising ‘scams’ after debanking exchange appeared first on Crypto Breaking News.

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Binance Australia sued, Interpol issues Red Notice for Hex founder: Law Decoded

ASIC sues Binance Australia for misclassification of clients. Interpol targets Hexs founder with a Red Notice. Tornado Cash updates emerge.

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Australia's Top Bank Halts Payments to Selected Crypto Exchanges

In a proactive move to enhance customer safety, the Commonwealth Bank (CBA) today (Thursday) announced it has implemented new measures aimed at protecting customers from fraudulent activities tied to cryptocurrency exchanges.

In practice, this means that the bank will be able to block some outgoing transfers to selected cryptocurrency exchanges. However, the institution has not specified which platforms may be specifically concerned.

Australian Bank to Block Some Crypto Payments

In an attempt to minimize scam risks, from today onwards, the bank will decline or hold certain payments to crypto exchanges for 24 hours. In addition, the CBA plans to impose an AUD 10,000 limit per calendar month on customer payments towards cryptocurrency exchanges where it can ascertain that the payments are intended for cryptocurrency purchases.

These actions are part of an array of initiatives intended to help customers mitigate the risks associated with victims falling for scams.

James Roberts, the General Manager of Group Fraud Management Services at Commonwealth Bank, acknowledged consumers' rising interest in cryptos and warned of global scammers exploiting this trend.

“With the incidences of scams increasing and in many cases customers suffering significant losses from being scammed, the introduction of 24 hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers,” Roberts commented.

The CBA will continue to monitor the effects of these scam response measures closely and will undertake continuous reviews of their effectiveness.

Australia Limits Access to Cryptocurrencies

A similar move was made last month by another of Australia's largest banks, Westpac. It announced that it would block some cryptocurrency payments in order to limit customer losses. However, like the CBA, it did not specify which exchanges might be involved.

These decisions follow Binance Australia's, the local branch of one of the largest digital assets exchanges in the world, announcement that customers would lose access to deposits and withdrawals in AUD after the payment company, Cuscal stopped providing its service.

Before the final date of deposit blocking, investors were panic-selling their Bitcoins on the Australian platform, which made them available at up to 20% cheaper than on competing exchanges.

Binance is also facing challenges in the United States. This week, US regulators have initiated a lawsuit against the platform, alleging that it has manipulated trade volumes to appear higher than they truly are. A distinct lawsuit is addressing the issue of offering financial instruments that bear the characteristics of securities without appropriate regulations.

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ASIC Raids Binance Australia as Global Regulatory Hurdles Mount

As reported by Bloomberg, the Australian Securities and Investments Commission (ASIC) executed a search operation at the offices of Binance Australia. This operation is a part of an ongoing inquiry into the crypto giant's now-closed local derivatives business, highlighting the intensifying regulatory scrutiny Binance is encountering. (Read More)

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Binance Australia Offices Searched By Regulators in Derivatives Probe

What- Binance Australia offices searched by securities watchdog, Bloomberg reported Why- The probe is part of a review of Binance’s derivatives operation focused on client [...]

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Bitcoin Retreats to Around $30k: Decoding the Technical Indicators and Regulatory Factors

In today's market developments, Bitcoin has retracted to around $30k, weighed down by various technical factors and a series of recent regulatory interventions. (Read More)

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Binance Ceases Australian Dollar Trading amid Struggles with Banking Issues

Binance has halted all Australian Dollar trading today (June 1) for its users in Australia, two weeks after announcing the intention to suspend the service. The crypto exchange said on Twitter that it was still trying to find an alternative partner to resume the offering.

Binance Australia Struggles with Banking Challenges

Binance's decision to suspend AUD deposits and withdrawals through bank transfer was reportedly due to a problem with a local payments provider. The unidentified payments partner had given the exchange's users until 17:00 June 1, 2023, AEST to withdraw their funds.

"We regret to inform you that AUD deposits and withdrawals by bank transfer are no longer available to Binance's Users in Australia," Binance Australia said. "Binance has ceased all AUD trading pairs as of June 1."

Fellow Binancians,We regret to inform you that AUD deposits and withdrawals by bank transfer are no longer available to Binance users in Australia. Binance has ceased all AUD trading pairs as of June 1. In order to facilitate withdrawals and trading activities after June 1, you…

According to the exchange, the alternative available for its users in Australia to buy or sell crypto is credit and debit cards or peer-to-peer (P2P) marketplace. Additionally, the exchange advised its users to convert their AUD holdings to stablecoin USDT to make withdrawals.

Binance Australia's Customers Sell BTC at a Discount

Meanwhile, ahead of the deadline, Binance's Australian customers put their bitcoins up for sale at a 20% discount. The foremost cryptocurrency was traded for about $23,000 compared to $27,000 outside the continent, according to a report by Reuters.

"Due to the recent removal of fiat on-ramp services by our payment processor's banking partner, some Australian users have been withdrawing their AUD holdings from the platform in advance of the off-ramp closure on June 1," said Binance's spokesperson in an email shared with the publication.

"As a result, AUD pairs have experienced less volatility which has impacted their pricing. We will be delisting remaining AUD pairs in line with the closure of fiat off-ramp services," the source added.

As reported by Finance Magnates, Binance is facing hostility from the banking sector, not to mention the regulators. On the same day the exchange announced the disruption of AUD service in Australia, a local lender Westpac Bank barred its customers from transacting with the crypto exchange.

Similarly, Binance was affected by the US banking crisis triggered by the collapse of crypto-friendly banks, Signature and Silvergate. As a result, Binance.US, a US subsidiary of the exchange, was forced to use the services of an intermediary bank with a slower process compared to a direct banking partner.

Revolut hits 30M users; crypto trading on TP ICAP; read today's news nuggets.

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