On May 18, Binance Australia suspended dollar services due to Cuscal’s instruction.
The suspension had a huge impact on approximately 1 million Australian users.
Binance Australia head Rose finally shed broad light on the incident.
The Binance community is still shaken by the events that occurred on May 18. On that day, Binance Australia announced the suspension of its dollar services after its payments provider, Zepto. It received instructions from Cuscal to stop supporting Binance. This left the community with numerous questions, but they have now finally received answers. Ben Rose, the regional manager for Australia, recently shed light on the issue during his appearance at the Australian Blockchain Week.
It is worth noting, that the sudden suspension of Binance Australia’s Australian dollar (AUD) services had a significant impact on approximately 1 million Australian Users.
Truth Behind Binance Australia’s Debanking: Exposed
In a surprising disclosure, Rose revealed that the team received a mere 24 hours’ notice before being informed of their “debanking.” Cuscal being the partner banking and payments provider for Zepto, made this decision. The exact reasons behind this sudden move remain unclear, causing considerable concern among Binance and its customers.
During his on-stage interview, Rose reassured the audience that the loss of their banking partner had not significantly affected Binance Australia’s business. Users swiftly adapted to alternative methods, such as utilizing bank cards for purchases and deposits.
However, he emphasized the urgent need for collaboration with regulators. And the banking sector to implement “sensible licensing” for the cryptocurrency industry.
The incident involving Binance Australia highlights the pressing need for Australia to establish a clear regulatory framework and licensing process for the crypto industry. Rose called upon the country to seize the opportunity presented by the evolving global landscape. Meanwhile by cautioning about potential risks if prompt action is not taken.
Attributing to it, Binance Australia engages in discussions to secure an alternate third-party payment provider. The company remains committed to finding a viable solution that ensures seamless transactions and compliance with regulations.
Despite the challenges faced, Binance Australia maintains its optimism regarding the future of the crypto industry in the country.