Crypto Ownership Surges in Inflation-Stricken Countries as Binance Australia Struggles

• FTX is suing SBF and others over a fintech company acquisition.
• Bitboy has dumped its eponymous crypto tokens after promising not to sell.
• Binance Australia can’t process Australian Dollar fiat deposits.

FTX Sues SBF Over Fintech Company Acquisition

FTX is suing SBF, as well as unnamed parties, over what it characterizes as a “worthless” fintech company acquisition. According to the suit, FTX believes that the company was fraudulently acquired from another firm in what amounted to securities fraud and misrepresentation. The legal action seeks damages for breach of contract and other related claims.

Bitboy Dumps Crypto Tokens After Promising Not To Sell

Bitboy had promised not to sell its eponymous crypto tokens but has gone back on its word by dumping them on the market. Uniswap governance members have sought to launch on Base, Coinbase’s layer 2 offering, while the SEC has deemed Filecoin a security and asked Grayscale to withdraw trust registration. Meanwhile, crypto ownership in Turkey, Argentina and Philippines is surging due to skyrocketing inflation rates.

Binance Australia Can’t Process AUD Deposits

Binance Australia said it could no longer process PayID Australian Dollar deposits because of “a decision” made by its third-party payment service provider. All bank transfer withdrawals are still available but credit or debit card options are currently being used for buying or selling cryptocurrencies instead of fiat deposits or withdrawals. Binance is currently looking for an alternative provider in order to continue offering AUD deposits and withdrawals for users in the future.

Increased Regulatory Scrutiny Impacts Binance Subsidiaries

The disruption of services comes after increased regulatory scrutiny which saw Binance cancel its derivatives license with ASIC last month due to irregularities found during inspection reviews conducted by the financial regulator at several subsidiaries of Binance operating in Australia at the time – including Prime Brokerage Services (PBS) Limited and Derivatives Exchange (DX) Pty Ltd., both operating under an Australian Financial Services License (AFSL).


With increased scrutiny from regulators impacting multiple subsidiaries of Binance across different countries, it remains unclear when exactly these issues will be resolved so that customers can enjoy uninterrupted access to their services again – especially those involving processing fiat currency deposits or withdrawals using traditional banking systems such as PayID payments via third party providers like banks or payment processors based in Australia.

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