Binance Australia Got Only 12 Hours Notice Before Cutting Off From The Local Banking System
Sometimes we do not know details about how something happened. You just got to know you cannot do something anymore and that's it. You do not have the time to prepare for something or respond to that properly. Binance Australia only got 24 hours' notice and then it was turned out to 12 hours before cutting off from Australia’s banking system.
Binance regional manager Ben Rose talked about this on June 26 at the Australian Blockchain Week. Suddenly Binance Australia team was informed that its dollar services were about to be cut off from the local banking system.
Binance's third-party payments provider Zepto cannot support the transactions anymore. So the exchange had to suspend its Australian dollar services. For being the largest crypto exchange, many people use Binance. It has almost 1 million customers in Australia and they are unable to use this service.
Investors have their plans to invest in crypto. They will take entry into the crypto market according to their strategy. Now they can not do that using Binance like they used to do before. Or if they need to withdraw money into Australian dollars, they face the obstacle.
Investors cannot execute their plans to invest in cryptocurrency. Having restrictions on how much you can make payments to crypto exchanges to buy cryptocurrencies or holding payments temporarily will have a huge impact. The crypto market is highly volatile and you will definitely lose the moment when you want to take an entry.
On the flip side, more people become victims of scams and fraud. And the number is going up rapidly. People directly lose money in crypto scams, or sometimes crypto is used as a payment method. You will be surprised to know that Australia lost almost 221.3 million Australian dollars ($148.3 million) in 2022. They made the decision to impose restrictions for the protection against scams and frauds.
Will only imposing restrictions work to protect against scams and fraud? If people are not aware of scams, fraud, and risks of investing in crypto, they will fall into traps. The concerned authority should take the necessary steps to educate people. People can protect themselves when they invest in crypto. It can help to minimize the loss from scams and fraud.
Reference: 1
