Binance Australia Working with Authorities on Compliance Amid Reports of Office Searches
July 5 (Cointime) - Binance Australia is collaborating with local authorities to comply with regulatory standards following reports of a search at the company's offices on July 4. A spokesperson for Binance Australia stated that the company is committed to serving its users in Australia in a fully compliant manner. The Australian Securities and Investments Commission (ASIC) conducted the search as part of an ongoing investigation into Binance's now-defunct Australian derivatives business. Binance's representative did not confirm or deny whether the company's offices were searched or whether it was aware of a local probe. Binance still offers spot trading services in Australia after shutting down derivatives trading in the country.
AI-Powered Scams Exploit Australians, Prompt Calls for Increased Vigilance and Countermeasures
July 3 (Cointime) -
Scammers in Australia have been using artificial intelligence (AI) technology to execute sophisticated frauds that deceive individuals into divulging sensitive information and losing money. AI-powered systems can flawlessly imitate the voices of trusted contacts, such as banks or government bodies, making it difficult for people to discern whether they are genuine or fake.
Australian Channels POLi, PayID Supported for Crypto Purchases
July 3 (Cointime) - Alchemy Pay’s on-ramp now supports various payment methods in Australia. Users can now purchase crypto through POLi and PayID — native payment systems down under!Alchemy Pay Collaborates with aelf to Provide Seamless On and Off Ramp Solution.
Australia's Treasury Addresses Debanking of Cryptocurrency Companies and Urges Banks to Provide Guidance for Crypto Exchanges
June 29 (Cointime) - Australia's Treasury has warned that cutting services to cryptocurrency companies could have negative consequences for the industry's transparency. The government has acknowledged the seriousness of "debanking" and is encouraging banks to communicate their requirements to both existing and potential customers clearly and proactively prior to refusing or withdrawing banking services.
Australia’s Treasury Supports Previous Advice on De-Banking for Crypto-Related Entities
June 28 (Cointime) - Australia's Treasury has acknowledged the seriousness of de-banking and the potential for it to drive businesses underground. The Council of Financial Regulators' previous advice on de-banking has been supported by the Treasury, which could bring about change for crypto-related entities.
Australia Emerges as Global Leader in Cryptocurrency Adoption, US in Second Place: Report
June 26 (Cointime) - Australia has surpassed the United States to become the leading country in cryptocurrency adoption, with a surge in interest and adoption rates more than doubling since 2020. According to a report by HedgewithCrypto, Australia's adoption rate has reached 18%, with a 196% increase in interest and 312 monthly searches for cryptocurrency per 100,000 Australians in 2022.
Billion-Dollar Bank Restricts Customers to $667 Cash Withdrawal Limit, Places Cap on How Much People Can Spend
June 26 (Cointime) - One of the biggest banks in Australia is making significant changes to the amount of cash customers can withdraw and how much they are allowed to spend using their debit cards.Westpac is reportedly restricting the amount of cash that customers can pull out of ATMs to $1,000 AUD per day, which is about $667 USD.In addition, the bank is setting a maximum amount that people can spend using their debit card.That amount will be fixed at $8,000 AUD per day, which is equivalent to $5,343 USD at time of publishing.That change is a big departure from the bank’s previous policies, reports Yahoo Finance Australia.
Binance Australia Halts AUD Deposits and Withdrawals by Bank Transfer, Working to Find Alternative Provider
Binance Australia has temporarily suspended AUD deposits and withdrawals via bank transfer, following an announcement made last month. The exchange had previously stated that it would no longer facilitate AUD bank transfers using PayID due to a decision made by the third-party payment service provider. However, Binance Australia users can still buy and sell crypto using credit or debit cards, and the exchange is actively seeking an alternative provider. Binance Australia has also experienced a recent drop in bitcoin trading prices compared to other exchanges, and had its derivatives license canceled by the Australian Securities and Investments Commission in April.
Binance Halts Fiat On-Ramps and Off-Ramps in Australia Amid Global Debanking of Crypto Businesses
Binance users in Australia are facing limited options for purchasing cryptocurrencies due to the global debanking of crypto businesses. Since June 1, fiat on-ramps and off-ramps by bank transfers have been suspended in Australia, including trading for Australian dollar (AUD) pairs. This suspension is linked to previous developments impacting Binance in Australia, including the closure of non-compliant accounts and the cancellation of the Binance Australia Derivatives license. Binance Australia is currently seeking a new payment provider to continue offering AUD deposits and withdrawals to its users.
Binance Australia's Bitcoin Prices Drop Amidst Crypto Cash Out Rush and Impending Service Suspension
Binance Australia is currently selling one Bitcoin for approximately $22,000 in Australian dollars, which is significantly lower than the global rate. Traders are rushing to liquidate their crypto assets back into AUD before local bank withdrawal services become inaccessible within days. Binance Australia has announced the suspension of AUD services due to a decision made by the exchange's third-party payment provider, causing a drop in Bitcoin's trading value. The exchange is actively searching for alternative providers to resume offering AUD deposit and withdrawal services, while also warning users of the inherent trading risks.
