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Binance Australia To Shut Down Crypto Futures Trading Amid Regulatory Concerns

As the crypto industry continues to dominate, financial regulators fear criminals will turn to the industry for their illicit activities. This year 2021, has been hot for the crypto industry in terms of regulation. Many financial watchdogs in the USA and other countries pushed harder to regulate the sector. Some top exchanges, including Binance, saw a lot of pressure from several bodies, especially on many of their products. The reason was that many of these exchanges could serve as a means of money laundering given the anonymity of the transactions. As a result, some countries keep limiting the operations of crypto exchanges in their markets. Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?  Binance has seen a lot of pressure from regulators all over the world. Some countries and apex financial bodies such as the Dutch Central Bank have accused the exchange of non-compliance with financial laws against terrorism. Australia Bans Crypto Futures Trading Amid the pressure on the largest crypto exchange, the Australian government has banned them from offering their crypto futures and options in their market. So now, traders will no longer access such products from Binance. The government even warned all their citizens and residents who have invested in futures, options & leveraged tokens to close their position within 90 days. Binance announced this instruction on September 20, 2021. Based on the available information, all Australian users will not invest in these products starting from Friday, September 24. But they can increase their margin balances against liquidation & margin calls. But from December 24, 2021, all manners of transactions on derivatives will close down. Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation In response to this restriction, Binance’s representative stated that they aim to ensure compliance and acceptance for all their products. As such, they usually monitor the regulatory requirements of the localities wherein they operate. But with the recent development, the company will also try to protect the interests of the users. Restrictions On Binance Keep Growing Apart from the recent restrictions in Australia, other countries have been limiting the operations of Binance in their markets. In addition, many global regulators have also been issuing warnings to the exchange. For instance, last month, the exchange stopped offering its derivative trading services in Brazil. Before that, the Hong Kong government also suspended its operations. Binance also halted its crypto derivatives trading in many other countries, such as Netherlands, Germany, and Italy. According to the exchange, it has decided to stop those services in European countries. crypto market is recovering from an abrupt decline | Source: Crypto Total Market Cap on TradingView.com Featured Image From Binance, Chart From Tradingview.com
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Crypto Is Set To Dominate Australian Financial Industry In Less Than 10 Years

Crypto experts have said that Australia’s finance industry is set to be dominated by cryptocurrency by 2029. Finder’s annual cryptocurrency report shows that crypto is set to replace the traditional finance industry in Australia. The Finder’s report brought to light some interesting facts about cryptocurrency adoption in the country. These, experts say, put it on track for widespread adoption in the country. Australians Are Turning Their Attention To Crypto In Australia, 17% of the population have said that they own some kind of cryptocurrency. The most popular being the top coins like Bitcoin and Ethereum. A further 13% of Australians said that they plan to purchase and own crypto within the next year. A reported 9% of Australians surveyed said they owned bitcoin. While 8% said that they hold Ethereum. Dogecoin came in third with 5% saying they held the meme coin. And Bitcoin Cash was held by a reported 4% of the people surveyed. Related Reading | Crypto Needs Regulation If It’s Going To Survive, Says SEC Boss The biggest group that held the most crypto was Gen Z. Gen Z are classified as people who were born starting the year 1997 to the present. Which puts the oldest Gen Zs at 24 years old. 31% of this group confirmed that they held some type of cryptocurrency. Showing a growing trend among young people who are more inclined to invest in digital assets than in traditional assets. Compared to the younger group, crypto ownership is down among older investors. “If the pace of education continues to grow, combined with easier access to cryptocurrencies, we should expect to see it as a dominant financial industry by the end of the decade. Especially among younger generations who have never had meaningful access to traditional finance.” Cryptocurrencies Set To Explode The impact of cryptos on most economies in the world cannot be understated. Still only in its early stages, crypto has resonated with millions of people around the world. Countries with weaker currencies have seen more adoption. As citizens use cryptocurrencies as an alternative store of value compared to their fiat currencies. Traditional finance products now have to face an even bigger threat, decentralized finance. With fewer young people getting exposure to traditional financial markets, they are turning to the crypto market as a way to invest. Its ease of use and complete ownership of the assets have often been cited as the major reason for investing in the assets. And this is why young people are drawn to it. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course “As the technology develops and there are easier ways to access it, like in the Finder app where you can buy Bitcoin and Ethereum in a few clicks, I believe the growth in cryptocurrency will explode,” said James Edwards, Finder’s cryptocurrency expert. Edwards went on to add, “Many Aussies are now much more clear on the benefits cryptocurrencies offer, such as Bitcoin being a hedge against fiat currency and inflation. Play the ability to earn interest on assets through things like stablecoins and decentralized finance on Ethereum.” Crypto total market cap heading towards $2.3 trillion | Crypto Total Market Cap on TradingView.com Featured image from Bitcoinist, chart from TradingView.com
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Four Major Central Banks Conducting Cross-Border CBDC Payment Trials

In the latest report on Thursday, September 2, Reuters noted that four major central banks will be conducting cross-border CBDC payment trials. This includes the central banks of Australia, Singapore, Malaysia, and South Africa. The pilot projects from these four central banks will determine whether if CBDC transaction settlements are easier and cheaper. Governments and

The post Four Major Central Banks Conducting Cross-Border CBDC Payment Trials appeared first on Coingape.

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Former DigitalX Executive Appointed As The New Binance Australia CEO

The former executive of the first blockchain listed publicly is now the current CEO of Binance Australia. The exchange announced Leigh Travers’s appointment. The new CEO was formerly the chief executive of DigitalX, a locally known blockchain technology and payment enterprise. Leigh Travers served seven years at DigitalX. He also served as a board member in Blockchain Australia, the local leading blockchain sector body. DigitalX broke records as the first publicly-listed blockchain organization in June 2014. Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos This announcement was made after the firm completed the reverse takeover of Macro Energy Ltd, an Australian Stock Exchange-listed Firm. Travers Reaction To The New Office Leigh Travers disclosed that his priority is to build relationships for Binance Australia with regulators. Also, he emphasized that he aims to grow Australia’s brand. He stated that the company has a special part to play: to become involved in assisting in structuring the industry’s growth. That is why; they need to prioritize conversations and engagements with regulators and policymakers, says Travers. In his speech, Travers added that “looking from the industry’s viewpoint, I’m aware that it is essential to continue developing the sector’s relationship with the regulatory bodies. Also, we need to strengthen Binance Australia’s dedication to compliance as well as best practice. Binance Australia Launch July 2020 brought the official launching of crypto exchange Australia. Meanwhile, InvestbyBit operates the Australian Binance subsidiary. InvestbyBit is a locally operating digital asset platform that AUSTRAC (Australian Transaction Reports and Analysis Centre) regulates. The platform went into operations on Sept. 2017. As we gathered from the Australian Business Register reports, on February 22, 2019, InvestbyBit was rebranded to Binance Pay. Four days later, it changed its brand to Binance Lite. Then, again on August 6, 2020, the company undertook another rebranding to become Binance Australia. In April, Jeff Yew, the former CEO of Binance Australia, resigned from the company. After leaving Binance Australia in April, Jeff launched Monochrome in May. Monochrome is a unit trust which targets funds as well as high net worth persons. In his speech at Sydney Morning Herald last May, Leigh Yew expressed that Australia’s policymakers failed in their duty to deliver sufficient regulatory clarity to the digital asset zone. Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack Thus, he calls for higher regulation in crypto trading exchanges. Most especially since many retail investors and institutions now admire digital assets like Ethereum and bitcoin. The cryptocurrency market is following an uptrend on the daily chart | Source: Crypto Total Market Cap on TradingView.com Yew acknowledged that Australia is more up-to-date with its regulations as compared to other economies. However, there is the need to work harder on regulation to stop dodgy operators from exploiting everyday investors. Featured Image From Pixabay, Chart From TradingView.com
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Government Still Sees Blockchain As “Wild West” Says Blockchain Australia

Blockchain Australia is displeased with the way its government is treating the crypto industry locally. According to the association, the government is judging the industry through malicious scammers and actors who’re tarnishing its image through their activities. Blockchain Australia believes that the authorities should engage with the industry to develop regulations that’ll fit all purposes. Blockchain Australia Engages The State There has been a lot of discussions between the association and the State in recent times. The Australian government has been reviewing the importance of the blockchain & Fintech industry to its national goals and also looking into crypto regulations. Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps Last week, the CEO of Blockchain Australia, Steve Vallas, appeared before the Senate Committee in charge of the “Australia as a Technology & Financial Centre.” During the meeting, Vallas stated that the association doesn’t agree with the assertions that the crypto industry is “a wild west.” He also mentioned that they have been eager to sit down with regulators and create an all-purpose regulatory framework for the industry. Vallas went ahead to trace the ICO boom from 2017 to 2018 and accused the government of not showing interest in the industry. According to the CEO, there’s no appetite for Initial Coin Offerings in the country, and regulators are not even interested in ICOs happening again. In Vallas’s statement, the Australian government is still waiting to see if the industry will succeed, and that has kept them far from what other countries are achieving. Steve Vallas Arguments On The Matter Another top participant in the Australian crypto industry had also echoed Vallas’ argument. Michael Bacina is a partner of Piper Alderman, a law firm in Australia. His area of specialization is on digital law around Digital assets, fintech, blockchain, and regtech. In his arguments, Bacina agrees that the Australian government is taking a passive approach to the crypto industry. But he made a little comparison between the United States and Australian crypto regulation issues. According to Bacina, people in the US are studying prosecutions to understand a little about crypto regulations. Still on the issue, Chloe White, the MD of Genesis Block, also mentioned that the government is usually interested in crypto when there’s hype in the market. Related Reading | American Banks Encouraged To Partner with Cryptocurrency Firms According to her, this intermittent interest has prevented local policymakers from completely understanding the industry. As such, they only hold a reactive stance regarding analysis and policy advice. Before now, another top shot in the government, Senator Andrew Bragg, had implored the government to do more. He had asked for clear crypto assets regulations to encourage tech & financial innovations to remain at the frontlines. Featured image from Pixabay
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