Less than a day of notice was given to Binance_AUS when it was suddenly told it would lose access to the local banking system, the exchange's general manager mrbenrose told an audience in Sydney.
Speaking to Cointelegraph after his on-stage interview, Rose declined to provide any extra information about Binance Australia’s search for an alternate third-party payments provider as discussions were ongoing.Australia’s crypto industry has long relied on crypto-friendly payments providers including Monoova, Zai and Zepto — all of who are partnered with Cuscal to access the local banking system.
Cuscal-backed payment rails are used by Binance’s peer crypto exchanges including BTC Markets, Kraken Australia, CoinJar, Independent Reserve and many other crypto-related fintech firms.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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