• Australian crypto exchanges have reassured users there is no widespread issue with payments providers after Binance was forced to suspend its services.
• Independent Reserve, BTC Markets, Kraken Australia and Swyftx all said their payment rails were unaffected by the incident.
• Despite this, lack of local laws means more debanking incidents cannot be ruled out.
Australian Exchanges Dispel Debanking Fears
Australian-based cryptocurrency exchanges have stepped in to quash contagion fears after the payments provider for Binance Australia was told to offboard the exchange. Independent Reserve CEO Adrian Przelozny stated that this appears to be a Binance-specific issue and not industry wide, as Australian dollar deposits and withdrawals for his exchange remain uninterrupted.
BTC Markets Reassures Customers
BTC Markets CEO Caroline Bowler also spoke up on the matter, assuring customers there was “no cause for concern” as they work closely with their payments provider specifically on scams. She stated that nothing has been alerted to her about any concerns with BTC Markets and that they are held accountable to their provider on a monthly basis.
Kraken Australia
Jonathon Miller, Kraken Australia’s managing director commented on the situation saying there are only a few providers in the market who are crypto-friendly and they have strong relationships with them. Miller sympathized with Binance regarding their position having to cut access suddenly but noted it appears part of a broader story with what has been happening at Binance for some time now.
Swyftx Assurance
Jason Titman from Swyftx also chimed in saying they work behind the scenes closely with Aussie banks, federal and state law enforcement agencies when it comes to frauds and scams; noting withdrawals and deposits are performing as usual. He added that there is an uptick in users registering at their platform as Binance users look for alternatives since its closure..
Risks Still Loom
Despite reassurances from these exchanges that everything is running smoothly, risks still remain due to lack of local laws which means more debanking incidents can’t be ruled out completely.