Australia’s bill on digital asset market regulation has faced a series of delays, and now the Committee on Economics Legislation has recommended the bill not pass.
Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exchanges say.
Crypto-focused lawyer Jeremy McLaughlin said the United States digital asset industry may re-ignite as the country’s securities regulator racks up court losses.
Chainalysis policy lead Chengyi Ong warned crypto users may eventually have no choice but to deal with offshore unregulated exchanges.
National Australia Bank is the latest bank to announce blocks on certain cryptocurrency exchanges, citing the high risk of scams.
Binance Australia head Ben Rose claimed the exchange got less than a day's warning from its payments partner before it was "cut off" from the local banking system in May.
Bermuda and Nigeria are moving faster on crypto than Australia and the land Down Under will soon “need to be up to speed,” says Loretta Joseph.
Binance suspended fiat on- and off-ramps by bank transfers in Australia, as well as trading for Australian dollar (AUD) pairs.