Aussie crypto exchanges have reported a big increase in new customers following Binance Australia’s suspension of AUD fiat services.
On May 18, Binance Australia told customers that its Aussie dollar services were suspended “due to a decision made by our third-party payment provider”. Meanwhile, the Australian Financial Review reported that Westpac had stopped its customers from transacting with Binance amid concerns over the use of overseas exchanges by scammers.
National exchanges have since reported a significant increase in traffic and downloads across their platforms.
Aussie crypto users move to local exchanges
Jason Titman, chief operating officer at Australian-owned exchange Swyftx, said:
“We’ve just seen a seven-month high in the number of new customer registrations. Aussie crypto users want the peace of mind that comes from dealing with a secure, large national exchange at the moment.”
Binance Australia has told its customers that they can continue to withdraw AUD via bank transfer until June 1. In its latest update, the exchange also said it was “working hard to find an alternative provider to continue offering AUD deposits and withdrawals.”
In a media statement on May 18, Westpac Group Executive of Customer Services and Technology, Scott Collary, said: “Digital exchanges have a legitimate role to play in the financial ecosystem. But since the rise of digital currency, we’ve noticed that scammers are increasingly using overseas exchanges.”
New research reveals Aussie crypto users biggest consideration when choosing an exchange
Titman said new Swyftx customer research had shown Australian ownership was now the biggest consideration for local crypto users when choosing an exchange.
“There has been a major shift in sentiment over the last six months and especially since the collapse of FTX, with local crypto users opting for local crypto exchanges.”
“Australians want to trade on secure exchanges that are based in the country and operate to local standards.”
“Swyftx has one of the largest teams in the country and we work closely behind the scenes with banks and law enforcement to keep our customers safe, with around 15% of our team dedicated to security and scam prevention.”
Brisbane, Queensland, May 3, 2022 –Binance Australia, the world’s first digital currency exchange to commence reporting on Environmental, Social, and Governance (ESG) metrics under a universal framework developed by the World Economic Forum (WEF), provides an update on its progress and initiatives from the first quarter.
Binance Australia is a fully compliant and progressive Australian fintech brand that empowers customers and corporate institutions to access alternative, low-cost digital assets and products. We are pleased to lead the Australian digital asset industry by making digital investing easy and accessible, while also educating Australians and fostering credibility, transparency, and accountability. We are on a mission to make a positive impact on society by helping Australians achieve greater financial freedom and addressing important factors facing humanity, including ESG.
The highlights of our first update cover a wide array of initiatives, including the continued tree-planting initiatives with the Koala Clancy Foundation, a series of educational activities focused on protecting customers from online scams, as well as the continued growth of our diverse and inclusive team.
The Binance Charity Foundation (Binance.Charity) was pleased to see the continued partnership with the Koala Clancy Foundation (KCF) and in addition to the direct donation we were excited to see that KCF also received crypto donations outside of Binance. “Thanks for opening our eyes to this world,” Janine Duffy, CEO of Koala Clancy Foundation, said.
The Binance Australia team has continued to grow in size and after a number of recent key hires is pleased to report a gender diversity ratio of over 40 percent.
Binance Australia further focused on governance activities during the period, strengthening corporate governance through board skills matrix, risk management and stakeholder mapping. The team was pleased to implement a BNB trading tracking process to support governance and compliance within the organisation.
Binance Australia continues to seek additional partnerships to broaden our positive impact in Australia from digital assets and looks forward to announcing further details in due course.
Binance Australia also makes the following additional disclosures with respect to environmental metrics:
Greenhouse Gas (GHG) emissions (PL-01-A)
Currently, the company operates remotely with three shared office spaces in WA, QLD and SA, and emissions of its corporate offices are minimal. The company does not currently operate any heavy equipment, motor vehicles or other emissions-producing equipment.
Land use and ecological sensitivity (PL-02)
Due to the nature of the company’s operations, this is not a material area and therefore disclosures are not required.
Water consumption (PL-03)
Due to the nature of the company’s operations, this is not a material area and therefore disclosures are not required.
Socialsuite’s ESG Go reporting technology provides an easy way for investors and other stakeholders to assess the commitment and progress of the company on its journey to create “best in class” ESG credentials and outcomes. To follow the company’s progress towards its ESG objectives, please refer to our ESG Dashboard.
Australian crypto exchange Binance Australia is giving away a brand new Tesla Model 3 Performance valued at A$84,900 to one lucky user from March 23 – April 20.
You can enter the giveaway via the Binance website. Please note that you must be an Australian resident to be eligible for the giveaway.
How to Enter:
To be eligible for the giveaway, new Binance users can:
Sign up and complete KYC
Trade at least A$50 on any crypto pairs
Click “Enter Now” on the entry page
To be eligible for the giveaway, existing Binance users can:
The Tesla model 3 performance has the quickest acceleration from 0-100 km/h in as little as 3.3 seconds.
It has a dual motor providing unparalleled traction and control, in all weather conditions.
It’s fully electric so you never need to visit a petrol station again, and can charge it from home – with a range of up to 602km.
It has an autopilot designed to assist you with the most burdensome parts of driving.
Designed with your smartphone in mind, you can use it as a key and access all driver controls from a central 15-inch touchscreen.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.
Binance and Binance Australia reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Australian digital currency exchange Binance Australia has announced its intention to target a net zero carbon footprint within Australia.
This would make it the first crypto exchange worldwide to openly report on Environmental, Social, and Governance (ESG) metrics, a universal framework developed by the World Economic Forum.
This first step by a digital currency exchange follows similar moves globally by the industry to increase the transparency of the ESG footprint of organisations in the digital asset industry. Becoming an ESG entity aligns with our company’s vision to increase the freedom of money globally.
Leigh Travers, Binance Australia CEO
The disclosure of the ESG metrics, including governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, diversity and inclusion, pay equality and tax payments will be reported quarterly through the Socialsuite ‘ESG Go’ technology platform.
This eco-friendly push by Binance Australia also includes a partnership with the Koala Clancy Foundation with an initiative to plant trees for koalas on farms and private land, and create new habitats and advocate for better protection of wild koalas.
Crypto Industry Carbon Footprint
Recently, we have seen negative commentary around the carbon footprint of Bitcoin as published by Bloomberg News and also high profile companies such as Tesla no longer accepting Bitcoin as payment, citing environmental concerns, as reported by CNBC News.
One of the biggest headwinds the digital asset industry has faced is negative commentary and misinformation based on carbon emissions from the sector. The industry is led by people and organisations determined to have a positive impact on society and the negative headlines have triggered a lack of education and awareness of ESG conscious crypto businesses.
Leigh Travers, Binance Australia CEO
Binance Australia and Binance Charity are creating a positive impact as they raise money through cryptocurrencies and use the power of blockchain technology to track and distribute it to those who need it the most.
Australia’s ESG Boom
It has been reported that Australian super funds supporting ESG have boomed through 2021, outperforming those funds that haven’t yet committed to a “rigorous environmental, social and governance (ESG) framework”.
Further research by KPMG has revealed that investors are being swayed by the ESG ratings of companies, with those of higher ratings being preferred.
It is anticipated that ESG will be a big driver in business and society as we come together to create a brighter eco-friendly future for Australia and worldwide.
Binance Australia is excited to announce its AMA with Janine Duffy, President of Koala Clancy Foundation, ‘Crypto for a cause with Koala Clancy Foundation’, also with Leigh Travers, CEO of Binance Australia, and special guest Helen Hai, Binance Charity Foundation.
Koala Clancy Foundation plants trees for koalas on farms and private land, creates new habitats and advocates for better protection of wild koalas.
Koala Clancy Foundation is an independent registered charity and not-for-profit organisation, and has been working with Binance Australia and Binance Charity Foundation to make the Australia Bushfire Relief project a reality.
Binance Australia’s CEO Leigh Travers will be joining Janine Duffy, President of Koala Clancy Foundation, and Helen Hai, Binance Charity Foundation, to discuss the partnership between Binance Charity, Binance Australia and the Koala Clancy Foundation and how crypto can positively impact the charity space.
Speakers:
Janine Duffy, President of Koala Clancy Foundation
Janine started the not-for-profit charity Koala Clancy Foundation in 2015 with a mission to inspire travellers and local communities to help ensure a future for wild koalas. The foundation removes weeds, plants trees, advocates and educates locals about wild koalas.
Helen Hai, Head of Binance Charity Foundation
Helen is the United Nations Industrial Development Organisation (UNIDO) Goodwill Ambassador for Industrialisation in Africa. She is heading the Binance Blockchain Charity Foundation with the mandate to use Blockchain for Social Good. Ambassador Hai was named a 2015 Young Global Leader by the World Economic Forum, and she is the co-chair of the Global Future Council on the Future of Consumption for the World Economic Forum.
Leigh Travers, CEO of Binance Australia
Leigh is an experienced executive who has spent the past seven years building products and growing networks in the digital asset industry. Leigh has been a Director and CEO of DigitalX Limited (ASX:DCC), the world’s first publicly listed blockchain technology company, and served on the Board of Australia’s blockchain industry body, Blockchain Australia, for five years. Leigh has spent his whole career in public markets, predominantly working with growth companies and investors.
James Prosser, Moderator
James will be our host for the AMA. James has been investing in and trading cryptocurrency since 2017 and is also a member of the Binance Australia team.
Perth, Western Australia, November 25, 2021 – Leading digital asset exchange Binance Australia has joined forces with smart money management app WeMoney to enhance the financial wellbeing and investment literacy of Australians through education and technical innovation.
On a mission to increase the knowledge and creation of long-term wealth, the two Australian businesses have partnered to provide community members the ability to conveniently track their digital asset portfolio alongside their broader personal finance accounts via the WeMoney app. The technical integration enables WeMoney members to accurately gauge their financial account balances, credit score, net worth, and now, crypto portfolio, all in one place, for free.
Binance Australia and WeMoney are advocates for greater access to financial education, making the partnership an exciting joint initiative. This entails crypto-themed episodes on WeMoney’s We Talk Cents Podcast, fireside chats on Binance Australia’s YouTube channel and shared blog content discussing themes such as the first steps to investing in crypto, how to create a diverse portfolio, and the importance of investing.
It is estimated about 17% of Australians are holding some form of cryptocurrency in their investment portfolio, so the integration was a natural advancement for the WeMoney platform according to WeMoney CEO and founder, Dan Jovevski.
“What we are seeing now is Australians diversifying their investments and actively adding digital assets to their portfolios. Working with Binance Australia empowers our members to access the full picture of their financial health.”
It was a no-brainer to partner with Binance Australia, part of the world’s largest cryptocurrency exchange, Jovevski says.
“At the core of it, there are natural synergies between us. Both businesses value innovation and are aligned on the vision to help young Australians get the most out of their money,” Jovevski continues.
As Leigh Travers, CEO of Binance Australia, says: “The partnership between Binance Australia and WeMoney has a core focus on providing the right education and understanding of digital assets to encourage Australians to make responsible and considered investments into the digital asset sector. We are looking forward to enabling Australians with the right platform to build sustainable wealth through incorporating digital assets into their diversified investment portfolio.”
With a background of seven years in the Australian cryptocurrency market so far, newly appointed Binance Australia CEO Leigh Travers has vowed to dedicate his life to the development and growth of the industry, and he has big plans for the future of blockchain down under.
As early as high school, Travers was already investing. “I didn’t really see a lot of point in putting money into the bank and earning some interest,” he says, seeing more opportunity and excitement investing his first $500 into stocks and smaller innovative companies, which he saw as having huge upside potential.
Travers was a publicly listed wealth manager for small to mid-cap growth companies in more traditional sharemarket and investment banking before following his passion for investing into more volatile terrain: the attraction to crypto was inevitable as the next natural step in Travers’ career.
Watch the full live AMA below:
Current State of the Australian Crypto Market
Australian projects are positioned “at the top tier” in the crypto space worldwide, with some amazing DeFi and NFT products coming out of the country. Roughly there are 600,000 actual users on Binance Australia, with potential for a million customers and an equity market of 10 million.
Binance Australia’s team has doubled over the past few months to tackle its number one priority: to grow the market overall into a much larger user base. Travers says that the market is in a high-growth phase, with Binance user numbers expanding at a rate of 10 percent per month.
Corporate Onboarding to be Expedited
Over the next 15 years, Travers sees equities moving towards crypto-based economic models. The SMSF (Self-Managed Super Fund) marketplace in Australia has massive potential – in a country with 800,000 self-managed super funds and an A$800 billion market, Binance Australia wants to gain maximum exposure into the “most liquid, lowest-cost, digital asset exchange in Australia”.
According to Travers, Binance Australia will focus on leading the way in the areas of:
integrating risk-managed crypto portfolios into wealth management platforms;
offering support with tax reporting;
extending education resources; and
vastly improving the platform’s onboarding processing time, from a few weeks to only a few days.
Priority to Binance Crypto Debit Card
Travers says the number one product customers from the community want is a crypto debit card. “You’ve got to give the people what they want,” he says, “and it’s quite clear.” As he explains, people want to be able to have more utility for their crypto, to spend it in everyday life, to pay bills, paying merchants, etcetera.
The Binance crypto debit card is a top priority and is in development now, aiming to hit the Australian market as soon as possible – possibly by the end of the current quarter. If its second-quarter results are any indication, the immediate future for Binance Australia looks bright.
Binance, one of the world’s leading crypto exchanges, has announced the biggest funding program of its kind for the cryptocurrency industry. The US$1 billion Binance fund will help expand the Binance Smart Chain (BSC) ecosystem and advance the mainstream adoption of blockchain technology by the financial industry overall.
With collaborations from industry-leading organisations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.
Binance stated its mission was to disrupt financial infrastructures by allocating half the new fund to its Investment Program, which will focus on growing decentralised computing, gaming, metaverse, virtual reality, artificial intelligence and financial services.
BSC will not be the only blockchain supported, consistent with previously voiced ambitions from the company. As Binance CEO Changpeng “CZ” Zhao, who has frequently said in interviews “there is room for everyone”, tweeted yesterday:
The fund will be allocated across four different sectors:
US$100 million for Talent Development: mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps and supporting R&D on cutting-edge blockchain innovations.
US$100 million for Liquidity Incentive Program: multiple programs to encourage participation from traditional financial markets and crypto, targeted to developing compliant relationships between investors and emerging digital asset markets.
US$300 million for Builder and Incubation Program: $100 million to conduct regional and global hackathons, run developer conferences, and support existing mainstream development programs; $200 million to incubate 100 innovative dApps.
US$500 million for an Investment Program: to accelerate mainstream adoption and bring disruption to financial infrastructures.
It's time to accelerate #BinanceSmartChain's journey towards scaling and mass adoption 🚀
We're announcing the biggest growth fund in the history of crypto – the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry. 👇https://t.co/lkTHmp8fRm
As of September 24, Binance users will no longer be able to use Futures, Options and Leveraged Tokens on the Binance.com platform as per the recent announcement.
To clarify the situation for Australian users, Binance Australia has reported to Crypto News: “We are aware of the recent announcement from Binance.com regarding its service changes for Australian users. The announcement has no direct impact on the services provided on Binance Australia. Our relationship with our users has not changed. Binance Australia is a digital currency exchange platform that enables Australian customers to easily buy and trade cryptocurrencies with the Australian Dollar (AUD). Binance Australia only offers spot conversion of fiat to digital currency and vice versa.”
“Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions”.
Also recently, Binance introduced a mandatory KYC for all Binance users with a deadline of October 19 for any existing users to verify their accounts to continue using its services.
The new appointment of Leigh Travers (DigitalX) as Binance Australia CEO should help Binance establish a stronger framework around regulation in Australia as he has experience in the sector serving on the Board of Australia’s blockchain industry body.
Binance Australia has today announced the appointment of Leigh Travers, former DigitalX CEO and Director, who joins the organisation as Chief Executive Officer.
Mr Travers has spent the last seven years playing a pivotal role in building products and growing networks for DigitalX Limited (ASX:DCC), the world’s first publicly listed blockchain technology company. Prior to joining DigitalX Limited, he served on the Board of Australia’s blockchain industry body, Blockchain Australia.
Mr Travers states part of his excitement in leading the Binance Australia team stems from a shared passion for facilitating the adoption of blockchain and digital assets in Australia.
“I’ve long been an advocate of the benefits that blockchain technology has to offer society, and it’s a mission of mine to grow the industry over the coming years,” said Mr Travers.
“My key interests are shared with Binance Australia in championing the adoption of blockchain and the pathway for blockchain businesses in Australia. The opportunity to work with users nationally is incredibly exciting.
“Since Binance Australia launched last year, it has been one of the fastest growing FinTech companies in Australia, and for good reason. Since the launch, Binance Australia has continued to innovate and become a leader in the digital asset industry nationally. I have set some high expectations and am looking forward to the opportunity,” said Mr Travers.
When asked what is first on the agenda for his appointment at Binance Australia, he points towards a strong focus on growing the brand and the company’s working relationships with regulators.
I have immense belief in the quality of service Binance Australia provides customers, and I want to ensure that every Australian looking to invest in crypto considers our offering.
Leigh Travers, New Binance Australia CEO
“From an industry perspective, I know it’s imperative that we continue to develop our relationships with regulatory bodies while reinforcing our company commitment to compliance and best practice.
“As the market leader in the digital asset space, we have a responsibility to be involved in helping to shape the growth of our industry and this means prioritising engagement and conversations with policy makers and regulators. It is essential to advocate for a graduated, fit-for-purpose regulatory framework so that Australia can be a global leader in innovation and create jobs for the future economy.
“I also believe this goes hand in hand with a commitment to growing Australia’s understanding of digital assets, how they work, and how to safely engage with them. The team has been doing incredible work in leading education masterclasses every month, and I can’t wait to take this to the next level.” said Mr Travers.
Sam Teoh, Chief Operating Officer at Binance Australia, says the team is excited to welcome Mr Travers’ talent to the company.
“We’ve observed the work Leigh has done at DigitalX for a while now and we’re excited to work with him not just on Binance Australia’s continued growth, but widespread adoption of blockchain businesses and cryptocurrency in Australia at large,” said Mr Teoh.
About Leigh Travers
Leigh is an experienced executive who has spent the past seven years building products and growing networks in the digital asset industry. Leigh has been a Director and CEO of DigitalX Limited (ASX:DCC), the world’s first publicly listed blockchain technology company and served on the Board of Australia’s blockchain industry body, Blockchain Australia for five years. Leigh has spent his whole career in public markets predominantly working with growth companies and investors.
During Mr Travers’ time as CEO of DigitalX, he oversaw significant growth in the company’s assets from $100,000 in late 2016 to over $50 million in 2021. Mr Travers leaves DigitalX in August in a strong position having recently reported a profit for 2021 for shareholders and significant capital growth for investors in their digital asset funds.
In his professional career Mr Travers was also involved in a number of fintech related initiatives including:
Championed the adoption of blockchain and the pathway for blockchain businesses as Director and Treasurer of Australia’s blockchain industry body.
Provided technical, marketing and investor advisory services to multiple crypto startups which went on to achieve unicorn status.
Created a tech and investment professionals start-up hub in WA where three of the start-ups went on to raise over $100m and achieve a combined market cap over $1b.
Mr Travers received a degree in Commerce and Communications (majoring in Psychology) from UWA. Mr Travers has continued his education and received a fintech certification at MIT while living in Boston in 2016 as well as a Blockchain Strategy certification from RMIT. More recently, Mr Travers completed the AICD Company Directors Course.
He has also provided technical, marketing and investor services to crypto startups which led to the creation of multiple unicorn status crypto projects.
About Binance Australia
Binance Australia is a digital currency exchange platform that enables Australian customers to easily buy and trade cryptocurrencies with Australian dollars (AUD). Binance Australia offers users deep liquidity and convenient deposit and withdrawal methods while leveraging cutting-edge technology from Binance.com’s advanced trading platform.
