Cryptos

Former DigitalX executive appointed new Binance Australia chief executive

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Binance Australia’s former CEO is Leigh Travers, who was also the head of the first publicly traded blockchain. Leigh Travers was appointed by the exchange. The former CEO of DigitalX (a locally-recognized blockchain technology and payments company), was the new CEO.

Leigh Travers was with DigitalX for seven years. He was also a director of Blockchain Australia, the most prominent local body in the Blockchain industry. DigitalX became the first publicly traded Blockchain organization in June 2014.

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This AnnouncementAfter the reverse takeover by Macro Energy Ltd, which was listed on the Australian Stock Exchange, the transaction was completed.

Cross reaction to the new Office

Leigh Travers stated that Binance Australia’s priority is to build relationships with regulators. He also stressed that he was committed to the development of the Australian brand.

He says that the company plays a specific role in helping to grow the industry. Travers explains that this is why they need to prioritize conversations with regulators, policymakers, and other stakeholders.

In his speech, Travers added that “From an industry perspective, I realize that it is essential to continue to develop industry relationships with regulators. We also need to strengthen Binance Australia’s commitment towards compliance and best practice.

Binance Australia launched

July 2020 saw the official launch of the Australian cryptocurrency exchange. InvestbyBit manages Binance’s Australian branch.

InvestbyBitThe Australian Transaction Reports and Analysis Center regulates a local digital asset platform. The platform was officially launched in September 2017.

According to the Australian Business Register reports on February 22, 2019, InvestbyBit changed its name to Binance Pay. Four days later, he changed the brand to Binance Lite. On August 6, 2020, Binance Australia undertook a second rebranding.

Jeff Yew, Binance Australia’s former CEO, resigned in April. After leaving Binance Australia in April and launching Monochrome in May, Jeff Yew launched Monochrome. Monochrome, a mutual fund, targets funds as well high net worth individuals.

Leigh Yew stated that Australian policymakers have failed to provide sufficient regulatory clarity for the digital asset sector in her May address to Sydney Morning Herald.

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He therefore calls for stricter regulation of crypto trading platforms. Particularly since many retail investors and institutions now enjoy digital assets like Bitcoin and Ethereum.

The cryptocurrency market is showing an upward trend on the daily chart| Source: Crypto Total market Cap on TradingView.com

Yew acknowledged the fact that Australia is more current in its regulations than other nations. To prevent ordinary investors being exploited by dubious operators, however, more regulation is needed.

Featured Image from Pixabay, Chart from TradingView.com

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