Binance Australia got 12 hours’ notice before it was debanked, says exec
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In the middle of the night, Binance Australia’s team was suddenly told it would be “cut off” from Australia’s banking system. There was no prior warning, consultation or redress, the exchange’s regional manager Ben Rose has claimed.
On May 18, Binance Australian announced its dollar services
On stage, Rose claimed losing access to their banking partner “hasn’t had a real impact on the business.” He added Binance users are “using other methods,” likely the purchases and deposits to bank cards that are still supported on the platform.
He stressed the need to work with regulators and the banking sector and the possibility of implementing “sensible licensing” for the industry.
“We would call for Australia to move relatively quickly because jurisdictions all around the world are now moving forward,” Rose said.
“We have a window as a country and we think there’s an opportunity, but there’s also a risk if we don’t move on licensing relatively quickly.”
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