Bitcoin Sold at Discount of $6,000 in Australia as Binance Loses Banking Partner
Australian customers of Binance, a Dubai-based cryptocurrency exchange, are eager to withdraw their funds after the exchange lost its banking partners. Some are willing to accept a $6,000 reduction to liquidate their bitcoin holdings.
Alchemy Pay Offers More Support for Fiat Currencies of New Zealand and Australia
Alchemy Pay, a well-known payment platform, is expanding its support for fiat currencies in New Zealand and Australia. The platform will back the NZD and AUD as part of its gateway between fiat and cryptocurrencies, allowing for easier purchase of crypto assets. This move is expected to increase adoption of the crypto sector. Alchemy Pay already supports local payment systems in both countries and allows for purchase of crypto through widely-used fintech apps like PayID and POLi.
Binance to Remove Shiba Inu Trading Pair and Terminate Bot Trading Service
Binance, a leading cryptocurrency exchange, has announced that it will be discontinuing its Shiba Inu (SHIB) trading pair with the Australian Dollar (SHIB/AUD) as part of its regular assessment of trading pairs. The changes will take effect on Friday, but SHIB investors will still be able to trade on other active pairs listed on the exchange. Binance will also terminate the Trading Bots services for various spot trading pairs at different times, including the SHIB/AUD Trading Bots service, which will be terminated on May 26. Binance remains committed to providing a secure and efficient trading environment for its users and continues to expand its support for Shiba Inu.
Revolut Launches Business Accounts in Australia with a Focus on International Payments and Banking License Ambitions
Revolut, the London-based fintech company known for its cryptocurrency services, has launched business accounts in Australia with a focus on international payments. The company is reportedly seeking a banking license in the country to provide a comprehensive financial management platform for users. The multi-currency business accounts come equipped with physical and digital cards, real-time spending reports, and support for multiple users, allowing small and medium businesses in Australia to conduct up to 75,000 AUD ($49,950) worth of foreign currency exchanges per month. Revolut aims to meet the needs of local businesses seeking efficient cross-border payment solutions while expanding its product offerings within the Australian market.
Revolut Launches International Payments-Focused Business Accounts for Australian Clients
Revolut, a fintech company that supports cryptocurrency, has launched international business accounts for its clients in Australia. The London-based company offers fiat payment services for clients in Europe and Australia, as well as crypto services such as buying and selling Bitcoin, Ripple, and Ether. Revolut's CEO of its Australian unit, Matt Baxby, stated that obtaining a banking license is a key part of their plans to provide an app or platform where people can manage their entire financial lives in one place. The business accounts come with physical and digital cards, real-time spending reports, and allow multiple users to manage them.
Australia Installed More Bitcoin ATMs Than Entire Asia
Australia has surpassed Asia in terms of the total number of crypto ATMs installed, climbing from the fifth spot to the third in January alone. Over the last eight months, Australia consistently added Bitcoin ATMs unlike leading European nations and the United States which reported a reduction in ATM installations during that timeline. Despite the global decline in crypto ATMs, Australia recorded the presence of 364 crypto ATMs. Leaked internal documents from the Australian Treasury Department also revealed the nearing of crypto legislation in the region, with the government planning to release consultation papers in the second quarter of 2023. The final submissions to the cabinet will reportedly be made later in the year, pushing any decisions on crypto legislation to 2024.
Australians Lost $148M in Crypto to Scammers in 2022
Australians lost a record AU$3.1bn ($2.03bn) to scams in 2022, with cryptocurrencies used as the most common payment method for investment scams, according to a report by the Australian Competition and Consumer Commission (ACCC). Nearly 4,000 Australians reported using digital currencies for transferring funds to scammers, amounting to AU$221.3m ($148.4m). This marked a significant rise of 162.4% compared to the previous year. Investment scams accounted for over 66% of all financial losses, up from 55% in 2021, with men over 65 years of age in New South Wales being the typical victim. The report noted that new fraudulent schemes often emerge when a new online acquaintance or romantic partner offers to help invest a person's money. The ACCC said there had been new tactics to make scams difficult to detect, including text messages that appear in genuine conversation threads.
Australia Introduces Crypto Market Regulation Bill in Parliament
Australian Senator Andrew Bragg has introduced the Digital Assets (Market Regulation) Bill 2023 in the Australian Senate to regulate the crypto market in the country. The bill ensures licensing for crypto exchanges, custody requirements, and stablecoins. Bragg believes the government has failed to regulate digital assets in Australia and that the Parliament needs to step in to protect consumers and promote investment. The bill provides for minimum capital requirements, appropriate governance procedures, segregation of customers' funds, and security requirements. Crypto associations, including Blockchain Australia, have supported the move by Australian lawmakers. The proposed crypto regulatory bill follows a draft bill proposed by Senator Bragg last year amid rising crypto adoption in Australia.
Australia Advances in the Cryptosphere for a Global Lead
Coinbase has praised Australia's open and transparent approach to developing cryptocurrency regulations and committed to contributing to the growth of the crypto industry in the region. The company has registered with Austrac, partnered with local Web3 players, and become a board member of Blockchain Australia. According to a 2022 study, around 25% of Australians hold cryptocurrency. The country's lawmakers and regulators are focused on consumer protection and innovation, and their thoughtful approach could help the crypto industry thrive in the region. Coinbase is in constant touch with Australian government departments and the Treasury, discussing topics such as cybersecurity and privacy.
OKX To Open Office in Australia
OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has announced that it will open an office in Australia in the coming months. The announcement was made at an exclusive event for Australia's crypto community at the Melbourne Arts Centre and attended by OKX Ambassadors Scotty James and Daniel Ricciardo. The move comes ahead of the Australian Grand Prix, which will feature the OKX-sponsored McLaren F1 Team car driven by Australian Oscar Piastri and Lando Norris. OKX aims to become the leading crypto platform in the world and sees Australia as a key growth market.
