As per the official Binance announcement, as of October 19, 2021, all Binance accounts new and existing will need to complete KYC (Know Your Customer).
Existing users who have not completed Intermediate Verification will have their account permissions changed to “Withdraw Only” at 00:00 AM on October 19, 2021 (UTC). “Withdraw Only” users will have services limited to withdrawal, order cancellation, position close, and redemption. Existing users will be informed directly with more details.
With immediate effect, users from Australia will be restricted from opening new accounts for options, margin products, and leveraged tokens. This is an expansion of restriction since users from Australia were restricted from opening new futures accounts on 2021-07-08 (UTC).
Binance constantly evaluates its product and service offerings. Binance will be one of the first major cryptocurrency and digital assets exchanges to proactively restrict access to derivatives products to Australian users, in-line with our commitment to compliance and our plans to become a regulated financial institution.
Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run.
Risk Warning: Futures trading carries substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balance may be liquidated in the event of extreme price movements. The information here should not be regarded as financial or investment advice from Binance. All trading strategies are used at your discretion and your own risk. Binance will not be liable to you for any loss that might arise from your use of Futures. To learn more about how to protect yourself, visit our Responsible Trading resource page.
Binance Australia has more than 480,000 Australian users trading billions worth of AUD in crypto in the platform’s first year of operation.
During the financial year, flagship cryptocurrency bitcoin remained the most popular traded currency, with Ethereum and Tether in second and third place respectively.
“This time last year bitcoin was valued at $13,220 AUD. It has since peaked at more than $81,000, and recently has been sitting around $54,000,” says Binance Australia COO, Sam Teoh.
“Binance Australia has grown substantially over this time along with the market situation.
“In the crypto industry, there is a huge emphasis placed on HODLing, or ‘Holding On (to bitcoin) for Dear Life’.
“Our recent Crypto User Index Report also showed that Australians are more likely to buy and hold bitcoin than the rest of the world.
“According to the research, it seems Aussies have a longer-term outlook and are more willing to ride the volatile nature of the asset,” Sam says.
“We’ve also experienced firsthand the passion Australians have for cryptocurrencies, as well as the Binance Australia brand. Since launch, Binance Australia has been followed by more than 50,000 Aussies on various social channels.”
Binance Australia believes bitcoin growth has been tethered to a broader cultural shift in understanding and acceptance of digital assets.
The growth often can be seen through the size of the team.
“In year one, we knew Binance Australia would make a splash but no one could have predicted the company expanding at the rate that it did. In fact, our team headcount increased by 300 per cent in the first year and we’re looking to triple our headcount in year two,” Sam says.
Sam cites Binance Australia’s outperformance of the industry as largely due to its commitment to nurturing the growth of the Australian crypto ecosystem.
“We’ve become the go-to exchange for Australians getting serious about crypto thanks to our constant investment in those wanting to learn more about this amazing space.
“Binance Australia has aimed to build a sustainable crypto industry locally by hosting masterclasses. We are trying to inform and educate those who are new to the industry.
“Additionally, we committed over $1.3 million earlier this year to aid the recovery and rehabilitation of koalas from the Australian bushfires of 2019 and 2020.
“At Binance Australia, we are aware the world of cryptocurrency can seem tough to dip your toes into for newcomers, so we’ve made a point to educate Aussies through online content and also by hosting 18 hours of masterclass sessions viewed by 20,000 Australians.
“We’re active in online forums to ensure we’re there to help bring our level of expertise to the conversation happening online amongst Australians.
“We’re proud to be leading this space in facilitating Australia’s crypto endeavours and can’t wait for what FY22 has to offer.”
Binance just published 2021 Global Crypto User Index – a global survey on 61,000 crypto user around the world showing data on their motivations, behaviors and preferences.
Here are some of the main takeaways:
Crypto user demographics
95% of users were male
41% are qualified with at least an undergraduate degreee
Reason for buying crypto
52% consider crypto as a means of income
48% consider crypto investing as a hobby
38% own crypto because they distrust the current financial system
39% of cryptos are just bought and then HODL’ed
Only 3% of users regretted buying crypto
Portfolio
BTC is held by 66% of users who own any crypto (30% of which allocate only 1-20% to BTC)
35% of users held no BTC in their portfolio (and only 2% were 100% in BTC only)
BNB and ETH were the other popular coins held at 57% and 56% respectively
DeFi is most popular in Southeast Asia, where over 52% of users are using dApps
78% of users would rather use bank coins instead of stablecoins
Binance Australia has partnered with tax startup Koinly to guide its users on crypto tax reporting, just as the Australian government heats up the call for crypto investors and traders to lodge their 2021 crypto returns.
Binance Steps Up to Assist Users on Tax Report
As a result of the partnership, crypto users on Binance will be able to access Koinly’s ATO-compliant tax reporting solution via an integration. With over 600 exchanges and wallet support, Binance notes that the Koinly tax reporting solution will help users lodge their crypto returns accurately.
The ATO is collecting bulk records data from Australian crypto exchanges and comparing it to amounts entered on previous tax returns. Failure to declare crypto gains can attract a penalty of 75 percent of the outstanding tax liability.
Robin Singh, founder, Koinly
Over 300,000 Aussie Crypto Users Are Likely to Report Tax Returns
A significant number of crypto users are expected to report their crypto returns this year. This is not surprising as Australia has seen an upsurge in interest in digital currency.
With approximately one in six Australians investing in crypto, taxpayers and tax agents alike are on a steep learning curve. Our community has voiced their concern around tax compliance and we’re committed to supporting them with the resources they need.
Sam Teoh, COO, Binance Australia
In 2020, the Australian Taxation Office (ATO), the country’s principal revenue collection body, issued a reminder to about 350,000 Australian crypto investors on reporting their returns. About 300,000 of those will likely be prompted to lodge their returns, while 100,000 taxpayers already have received a reminder from the ATO.
As it does the sharemarket, the ATO subjects bitcoin and other cryptos to capital gains tax. This year, the tax collection agency has stepped up its efforts to tax crypto gains. Crypto NewsAustralia reported in May that the ATO will data-match transactions on exchanges to prevent “incorrect tax deductions and claims”.
Various jurisdictions, including Hong Kong and Lithuania, have issued warnings to Binance for trading in stock tokens for which it is not licensed to conduct such “regulated activity”.
On July 16, Binance announced that the exchange has halted selling its digital tokens that were linked to shares of companies, known as “stock tokens” that could be purchased for shares of publicly traded companies including Apple Inc, Microsoft Corp, and Tesla Inc.
The Hong Kong SFC warning to Binance earlier today was focused on their "stock tokens"
Stock tokens are now unavailable for purchase on Binance.com, and they will no longer support any stock tokens after October 14, 2021. Binance users holding stock tokens can hold them over the next 90 days, but will not be able to sell positions after that date.
Today, we are announcing that we will be winding down support for stock tokens on Binance.com to shift our commercial focus to other product offerings.
Binance
UK, Japan, Germany, Hong Kong, Lithuania Issue Warnings
The decision comes against the backdrop of an ongoing regulatory crackdown, with Hong Kong becoming the latest to declare “no entity in the Binance group is licensed or registered to conduct ‘regulated activity’ in Hong Kong”.
The list includes regulatory bodies in Italy, Lithuania, the UK, Japan and Germany issuing warnings that the crypto exchange is not licensed to be offering regulated services in their markets.
Binance has been under the microscope of various regulators, one of the reasons being that it is by far the largest crypto exchange, handling the majority of trade volume. As Binance offers a wide range of services, from cryptocurrency spot and derivatives trading to digital wallets and staking, regulators want to keep an eye out and make sure no laws are broken.
Binance Australia
Some products and services are offered by Binance.com within Australia, but not by Binance Australia (BAU) which is the operating company within Australia. Crypto NewsAustralia contacted Binance.com to comment on the matter:
Just like to first clarify that stock tokens are sold and issued by CM-Equity AG. It was a commercial decision to cease support for stock tokens on Binance.com. As Binance grows as a part of the community, we are continually evaluating our offerings and we believe that shifting our focus to other product offerings will better serve our users, and we are committed to making this transition as straightforward as possible for those affected.
We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We don’t comment on specific matters or inquiries.
Binance spokesperson
Crypto Regulation Is a Journey
In a letter by Binance CEO Changpeng “CZ” Zhao, he stated that compliance is a “journey” and that most of the applications of DeFi have not yet been put into law or regulatory frameworks. However, CZ added that Binance is committed to putting more systems in place to protect its users, and to work with law enforcement and regulatory bodies.
More regulations are, in fact, positive signs that an industry is maturing, because this sets the foundation for a broader population to feel safe to participate in crypto […] When the car was first invented, there weren’t any traffic laws, traffic lights or even safety belts. Laws and guidelines were developed along the way as the cars were running on the road.
The first months of 2021 were a success for most global crypto exchanges as cryptocurrencies entered the mainstream. Many Aussie exchanges were recording massive inflows of users, deposits, and hitting record trading volumes.
Such was the case for Binance Australia – by far the leading exchange in the country – which now reports massive growth in Q2 2021.
Binance AUS Breaking Records in Q2
Binance Australia is still reporting record growth following a successful first quarter. On June 1, the exchange achieved an all-time high of A$615 million in trading volume in a single day.
Here’s a breakdown of some of Binance Australia’s other notable achievements in Q2 2021:
Apr 14 – hits then all-time high of A$190 million in 24-hour trading volume
Apr 23 – hits new all-time high of over A$280 million in daily trading volume
May 19 – hits another all-time high with the A$600 million trading volume
June 10 – Binance Australia hosts a panel discussion about NFTs with some of the top NFT creators in Australia: Lil Bubble, James Newbury, Mathew ‘Sekure D’ Fabris, Bianca Beers and Demas Rusli
Media Presence, Customer Connection and Local Events
As the local crypto community keeps growing, Binance Australia has established a media presence hosting local events to link with the community. Its constant connection with customers has reinforced its position as the leading exchange in the country, besides offering educational content for anyone keen to learn about the space.
The exchange has supported charity, organised local events, and explored the current market for NFTs (Non-Fungible Tokens). On June 17, the exchange hosted a panel with various artists and content creators to discuss the opportunities for NFTs in Australia.
There are more projects to come this year as the exchange keeps hitting new records with trading volumes and AUD deposits. To learn how to deposit AUD into Binance Australia, check this Crypto News Australiaguide for everything you need to know.
Binance Masterclass has become the leading crypto training course for both crypto newbies and enthusiasts since its launch in 2020.
About this event
Binance Australia is hosting a Tax Masterclass with Robin Singh and Michelle Legge from Koinly to cover everything you need to know about crypto taxes in Australia for EOFY 2021.
The masterclass will cover a step-by-step tutorial on generating statements, calculating your crypto tax, and filing your crypto gains with myTax to avoid penalties.
How Australia taxes Cryptocurrency: An overview of how Australia taxes cryptocurrency
Capital Tax and Income Tax: What they are, application of Capital Tax and Income Tax explained in 1-2 examples
Generate Statements from Binance Australia: Get a step-by-step guide on how to generate statements from Binance Australia
Calculate your Crypto Tax: A run-through on how to calculate your crypto tax using Crypto tax calculation software like Koinly
How to file with myTax: Filing with myTax can be complicated for the first time. Our speaker will run you through how to file your gains with myTax
Tips to reduce tax bills: There are a few simple ways to keep more money in your pocket. Our speaker will share a few tips on how to reduce tax bills.
Facilitators
Guest Speaker: Robin Singh
Robin is the founder and CEO of Koinly, a cryptocurrency tax solution that helps Bitcoin investors generate their capital gains tax reports. He has a background in finance and accounting and worked as a lead engineer at a Fortune 100 company in the UK before founding Koinly.
Guest Speaker: Michelle Legge
Michelle heads up at research and content at Koinly. Before crossing into the crypto space, Michelle looked after content and community at a Sydney fin-tech startup and held a similar role on the Qantas frequent flyer program.
Host: James Prosser
James is the host for the Binance Australia Online MasterClasses. James has been investing and trading cryptocurrency since 2017 and is also a member of the Binance Australia team.
Learn and win
The masterclass has a Q&A session to cover any questions you may have about Crypto Tax in Australia. Every masterclass participant will receive a 20% discount to sign up on Koinly. All you need to do is:
* To be eligible, participants must be a registered Binance Australia user and have completed the set tasks. Binance Australia reserves the right to cancel or amend any activity or activity rules at our sole discretion.
Australia Binance AU https://www.dreamstime.com/view-australia-world-map-vignette-radial-blur-effect-elements-image-furnished-nasa-image161905173
Binance Australia has broken another record with a massive $615 million AUD daily trading volume on their cryptocurrency exchange.
The previous record of $130 million AUD in a single day was set back in January this year by Binance Australia. And now they have broken the record a few months down the line.
We hit an all-time high of over A$600 million in 24-hour trading volume last Wednesday, 19 May 2021!
— Binance Australia 🇦🇺 (@Binance_AUS) May 22, 2021
Binance Australia reached $615.83 million in daily AUD trading volume on 19 May 2021.
Binance is also currently the largest exchange in the world with $35 billion USD trading volume at the time of writing (second place with $15 billion USD).
The exchange has also been the top digital exchange in Australia since January this year.
Binance Australia has now reached 3 times the Bitcoin (BTC) trading volume compared to other exchanges in the Australian market, various times.
Additionally, AUD trading volume is a common indicator defining the performance of digital exchanges. It has been less than 3 months since the last all-time-high (ATH) of $175 million AUD in trading volume was recorded (on 23 Feb). This new peak in volume of $615 million AUD is 3.5 times higher.
During this year, the growth of Binance Australia has been surprising, not just in trading volume but in customer base as well, topping other Aussie exchanges in both Ethereum (ETH) and Bitcoin (BTC) 24-hour trading volume.
During the first quarter of 2021, various Australian companies have experienced significant growth, reaching important milestones in adoption, user base, and trading volume.
Australia has emerged as one of the fastest-growing countries when it comes to new financial technologies like cryptocurrencies. Here are some of the top crypto companies that currently achieving important milestones.
Binance Australia
Binance AUS has become the top exchange in the country, recording massive trading volumes and user traffic in the first quarter of 2021. Former CEO Jeff Yew shared great results on Twitter earlier on this year.
Humbled to witness the rapid growth of the Aussie crypto sector.
Users, volume, adoption are increasing like never before.
The @Binance_AUS team & I are proud to serve you all as Australia's top digital asset exchange.🙏
The number of SMSF and corporate accounts has grown 400% since last quarter, shortly after trading volumes surpassed $130 million AUD in a single day.
One of the reasons for its success is its support for various AUD deposit methods and educational content. Users can simply deposit AUD using PayID/Osko to set up their account — and as for anyone eager to explore the crypto market, the exchange also offers Binance Masterclass, a series of free online educational videos.
Swyftx
The Australian-based startup has seen tremendous growth since it was launched in 2017 due to its innovative approach to the crypto community and excellent user support.
Swyftx has managed to keep high support standards even under pressure, with thousands of requests per day. This has given the platform high scores and positive reviews on TrustPilot.
Swyftx holds over 60,000 users on its platform. The exchange has introduced infrastructure optimisations to keep up with the increasing user base, which is expected to grow even higher this 2021.
Synthetix
Synthetix (SNX) is an Australian derivatives liquidity protocol that has been experiencing fast growth in the country. It is one of the few DeFi projects that has called the attention of institutional capital, raising $12 million USD from major VC firms, including Coinbase Ventures, Paradigm and IOSG.
As the name suggests, the protocol focuses on synthetic assets —derivate tokens on the blockchain that provide exposure to different real-world assets.
Fantom takes a user-friendly approach to the crypto community with low fees, cross-chain consensus compatibility, and integrating MetaMask so developers can work with Ethereum dApps.
The protocol has seen tremendous growth as it focuses on solving the scalability issues of existing blockchains. It quickly grew to sit on a $1.3 billion AUD market cap with a token currently priced around $0.53 AUD.
