Binance Australia, a leading cryptocurrency exchange, was unexpectedly disconnected from Australia’s banking system, causing surprise within the crypto community. The regional manager, Ben Rose, revealed that they received notice of this disruption only 12 hours before it happened. The reasons behind the disconnection remain unclear. Cuscal, Binance’s banking and payments partner, instructed its payments provider, Zepto, to suspend its support for Binance’s dollar services. This decision affected around one million customers in Australia. Cuscal had previously expressed concerns about crypto-related scams and fraud. Following the disconnection, Westpac and Commonwealth Bank, two major Australian banks, also imposed restrictions on crypto-related payments. Binance Australia is now seeking alternative payment providers and is emphasizing the importance of collaboration between the crypto industry, regulators, and the banking sector. Rose called for sensible licensing and prompt action from Australian authorities.
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