Binance Australia got 12 hours notice before it was debanked, says exec
The same day Cuscal offboarded Binance, “Big Four” bank Westpac said it would begin trials that block payments to crypto exchanges. Less than a month later Commonwealth Bank, another major Australian bank, started similar crypto-related payment blocks. Speaking to Cointelegraph after his on-stage interview, Rose declined to provide any extra information about Binance Australias search for an alternate third-party payments provider as discussions were ongoing. Rose said there are other providers but admitted that Cuscal “bank the majority of this industry.” Australias crypto industry has long relied on crypto-friendly payments providers including Monoova, Zai and Zepto — all of who are partnered with Cuscal to access the local banking system. Cuscal-backed payment rails are used by Binances peer crypto exchanges including BTC Markets, Kraken Australia, CoinJar, Independent Reserve and many other crypto-related fintech firms. On stage, Rose claimed losing access to their banking partner “hasnt had a real impact on the business.” He added Binance users are “using other methods,” likely the purchases and deposits to bank cards that are still supported on the platform. He stressed the need to work with regulators and the banking sector and the possibility of implementing “sensible licensing” for the industry.