Binance Australia GM Shows Confidence in Regulatory Developments
- Binance Australia GM Ben Rose said that he is “really confident” that Australian regulators will side with crypto.
- He said that there are “lots of very smart people in the government working really hard on [crypto] policy.”
- Rose confirmed that Binance is “really focused” on restoring its banking ties and resuming fiat ramp services.
- “I’m really focused on making the changes we need to make,” Rose added.
The General Manager of Binance Australia, the Australian arm of the world’s largest crypto exchange, Ben Rose, has stated that he is “really confident” when it comes to the regulation of digital assets in the country. The executive believes that the regulators will side with crypto while developing a framework to regulate crypto activities in the country.
Rose spoke at the Intersekt Fintech conference in Melbourne, Australia, on August 31. “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,” he added.
It is crucial to note that the comments from Rose come at a time when Binance Australia has been facing trouble with regional regulators. As per earlier reports, the regulators ordered banks to withdraw support for the crypto exchange, which landed the customers of the firm in a load of trouble due to the absence of fiat on-and-off ramps.
The exchange’s local offices were searched by Australian authorities, including the Australian Securities and Investments Commission (ASIC), on July 4. The search was part of the investigation going on into the derivatives offering of Binance Australia that was shut down due to the pressure generated by the regulators.
Rose stated that Binance is “really focused” on restoring its banking ties and returning fiat ramp services to its one million Australian customers, while adding:
“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.”
The Binance Australia executive believes that when the time comes, the regulators will do what’s right and side with the crypto sector to create digital asset-friendly laws in the country while protecting investors as well.
The GM explained that “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, and that’s going to make a big difference.”
“I’ve just come out of a round table with the Treasury and ASIC, and I can tell you that there’s really good engagement between the industry and regulators,” he added. “I’m confident that we’ll get there. I just hope it’s sooner rather than later.”