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Tuesday, September 27, 2022

Binance Australia Believes Regulation Could Improve The Quality Of Crypto

The CEO of Binance Australia, Leigh Travers, believes that regulatory clarity in the Southern Hemisphere would definitely provide a framework for the industry which would then hold itself to a higher standard. This was mentioned in an interview with Cointelegraph where the CEO discussed the current state of local regulatory efforts for crypto and how the many opportunities that were available in the industry were heavily restricted due to a lack of clarity. 

Binance Regulation A Need In Australia

This lack of regulatory clarity in Binance has been seen as the reason why the Commonwealth Bank of America has indefinitely postponed a program for its services regarding crypto trading last month. While there seem to be no rules on the books that directly prohibit the new service of the CBA, the financial regulators of the country have pushed for a halt on the services due to a lack of consumer protections attached to those services. Without these regulations in place, crypto services can’t be expected to operate, as they cannot prove their viability.

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Travers also thinks that a regulatory regime would definitely make the higher standard of crypto quite apparent to the citizens. With or without new regulations, Chainalysis- a blockchain analysis firm- did make it pretty clear in January when it came to financial crimes- where he stated that cash was still the ruler- quite a few steps above cryptocurrency like Binance. 

Yet another way that Travers believes in the distinction of crypto from traditional finance is that cryptocurrencies like Bitcoin, Binance, and Ethereum don’t really fit into any existing mold for property or even financial products. 

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