Market Haven senior account manager, Sean Carter, expects that crypto-related sentiment in Australia will take a hit due to current investigations and discussions surrounding regulations. Despite having an enthusiastic market of crypto traders, Australia’s federal government is in the midst of rolling out tough regulations for crypto-related companies. Sean Carter assessed some of the key crypto-related incidents that will impact the country’s cryptocurrency landscape.
Binance Australia Offices Were Searched By ASIC
Binance, the popular crypto exchange, has been at the centre of controversy for quite some time now. That being said, it’s starting to experience some pressure from the authorities in Australia. As of now, the Australia branch of Binance released a statement saying that they’re cooperating with local authorities to meet compliance requirements. The statement came after reports alleging that its Australia-based offices were raised in early July.
Last Tuesday, the ASIC, Australia’s Securities and Investments Commission, searched Binance Australia’s official locations. Authorities are stating that the search was part of an ongoing investigation into the company’s Australian derivatives program, which is now no longer operating.
News of the investigation comes just a few months after the ASIC cancelled the company’s license in April. After doing so, the regulator conducted a thorough review of Binance Australia’s operations. Now, it’s possible that investors who are new to the crypto space will feel anxious about the future of crypto in Australia, especially when a major exchange like Binance is embroiled in controversy. This is likely to affect rates of crypto adoption and trading, adding to existing market volatility.
FTX Exploits ASIC License Loophole To Resume Operations
In November, FTX Australia’s Australian Financial Services License was suspended. This came after FTX collapsed in the US and entered insolvency, also known as voluntary administration. The Australian branch of the once-popular crypto exchange was able to acquire an ASIC license by taking over IFS Markets, which already had a license.
On Monday, the Parliamentary Joint Committee on Corporations and Financial Services released a report detailing transfers of ASIC licenses. In the report, it emphasized the action by FTX Australia as a loophole in current rules.
In the US, federal prosecutors are investigating a former FTX executive over possible campaign finance violations. Altogether, it’s not a good look for the now-defunct crypto exchange. Although it had hoped to bounce back, it seems unlikely now. And according to Sean Carter, these allegations are likely to affect the country’s attitude towards cryptocurrencies, and not in a good way.
XRP Gold Coast 2024 Conference InThe Works
An upcoming XRP conference will provide a platform for industry experts and crypto enthusiasts to come together and explore the XRPL ecosystem and blockchain. The event is orchestrated to provide people with an exciting opportunity to learn more about the technology surrounding cryptocurrency and blockchain.
The event will have guest speakers who will engage attendees and talk about how the XRP blockchain works. Market Haven senior account manager Sean Carter predicts that such an event is likely to reignite the public’s interest in the potential that cryptocurrencies have to offer.
