Australian cryptocurrency exchanges are addressing concerns following the temporary suspension of Australian dollar services by Binance Australia’s payments provider, Zepto, on May 18, 2023. While experts believe the issue is specific to Binance and not widespread, they caution that risks still exist in the industry.
BTC Markets CEO Caroline Bowler reassured users and stated that there is no need for concern. She emphasized the close collaboration between BTC Markets and their payments provider to tackle scams. Bowler highlighted their regular accountability to stakeholders on a monthly basis.
A brief note to reassure Aussie crypto traders that @BTCMarkets AUD payment rails are unaffected and open for business.
— Caroline Bowler (@CaroBowler) May 18, 2023
Bowler emphasized that managing risk is an ongoing process, regardless of the recent news surrounding Binance. She stated that the incident reflects the regulatory environment crypto exchanges operate in.
Adrian Przelozny, CEO of Independent Reserve, confirmed that the issue is isolated to Binance and does not impact the entire industry. He assured users that deposits and withdrawals in Australian dollars on his exchange “remain uninterrupted.”
Jonathon Miller, Kraken Australia’s managing director, expressed concerns about the situation’s impact on both end users and the industry. He mentioned that there are only a few crypto-friendly payment providers in the local market with whom they have established strong relationships.
Miller stated:
“It’s very unfortunate to see a business in a position where they have to cut their client’s access overnight.”
In March 2023, DeFi Planet reported that the Australian Prudential Regulation Authority (APRA) had requested Australian banks to report their cryptocurrency transactions and disclose their investments in startups and crypto-related companies. APRA also asked for daily updates from banks as part of their efforts to enhance regulatory oversight. The regulatory body noted that this action is to help it assess potential risks and strengthen banking regulations in response to past failures in the global financial system.
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