Binance Australia’s head, Ben Rose, has claimed that the exchange received only 12 hours’ notice before being “cut off” from the local banking system in May. Binance’s payments provider Zepto was told to stop support for Binance by its partner banking and payments provider, Cuscal. The move impacted around one million customers based in Australia.
Binance announced that its dollar services were suspended due to the debanking. Rose stated that the reasons given were not entirely clear and did not look good in the media. There are other providers Binance is currently considering, but Cuscal banked the majority of the industry.
Losing access to their banking partner “hasn’t had a real impact on the business,” said Rose. Instead, Binance users are “using other methods,” likely purchases and deposits to bank cards that are still supported on the platform. Rose stressed the need to work with regulators and the banking sector and the possibility of implementing “sensible licensing” for the industry.
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