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It has been an extraordinary week for crypto.
What's even more extraordinary here in Australia is that the high volume seen by local exchanges like @Binance_AUS nearly brought a core part of the traditional banking system to a grinding halt.
This is not an exaggeration.
What's even more extraordinary here in Australia is that the high volume seen by local exchanges like @Binance_AUS nearly brought a core part of the traditional banking system to a grinding halt.
This is not an exaggeration.
It started off with the DOGE-fueled craze, which began Thursday.
By the following morning, AU exchanges witnessed an influx of signups so huge that ID verification services (used by some of the top fintech companies, even banks) overloaded & crashed. https://twitter.com/VNumeris/status/1355043758920765440
By the following morning, AU exchanges witnessed an influx of signups so huge that ID verification services (used by some of the top fintech companies, even banks) overloaded & crashed. https://twitter.com/VNumeris/status/1355043758920765440
The same day, a high volume of payments to/from digital currency exchange (DCE) clients resulted in the NPPA sending out warnings & imposing hard limits for NPP txns.
AFAIK, nothing like this has ever happened at this scale since its inception in 2018. https://twitter.com/VNumeris/status/1355103360542593025
AFAIK, nothing like this has ever happened at this scale since its inception in 2018. https://twitter.com/VNumeris/status/1355103360542593025
CBA, NAB went into maintenance, ANZ reportedly even halted ApplePay.
This caused distress to many DCE operators & their users.
PayID txns were delayed as services got throttled.
We're truly sorry for our customers who had their transfers delayed. https://twitter.com/btcrenaissance/status/1355142404131569667
This caused distress to many DCE operators & their users.
PayID txns were delayed as services got throttled.
We're truly sorry for our customers who had their transfers delayed. https://twitter.com/btcrenaissance/status/1355142404131569667
Over the weekend, most banks resumed NPP services, some only processed payments in batches.
Kudos to the @Binance_AUS banking ops & support team for being on duty round-the-clock to make sure user impact were minimized.
Also, thank you all for your support & patience.
Kudos to the @Binance_AUS banking ops & support team for being on duty round-the-clock to make sure user impact were minimized.
Also, thank you all for your support & patience.
It has been an incredible month for crypto, we smashed so many records with the support & trust from our Aussie users.
Also, the past few days (DOGE, Elon's bio) will surely live long in our memories.
I yearn to thank all of you in person one day. https://cryptonews.com.au/binance-aud-trading-volume-over-a-130-million-in-a-single-day
Also, the past few days (DOGE, Elon's bio) will surely live long in our memories.
I yearn to thank all of you in person one day. https://cryptonews.com.au/binance-aud-trading-volume-over-a-130-million-in-a-single-day
However, it is not yet the time to celebrate (At least not for me or the @Binance_AUS team).
What occured lately revealed weaknesses when it comes to scaling crypto services alongside tradtional industries.
We will continue to work with industry partners/peers to improve these.
What occured lately revealed weaknesses when it comes to scaling crypto services alongside tradtional industries.
We will continue to work with industry partners/peers to improve these.
With the retail demand of crypto assets grow, I believe that this year we will continue to see increased institutional adoption of #Bitcoin 
as a reserve asset.
I personally view Bitcoin as the money of the people, it’s a money backed by maths instead of politics and bureaucracy.
as a reserve asset.I personally view Bitcoin as the money of the people, it’s a money backed by maths instead of politics and bureaucracy.
Bitcoin bears no biases to the millions of people using it. Some choose to use it as a savings account, some see it as part of a well hedged asset portfolio, some use it as a currency.
Freedom of money, freedom of choice, that's the beauty.
Freedom of money, freedom of choice, that's the beauty.
Also, the aftermath of $GME & r/wsb has made more people aware that #bitcoin also acts as a counterweight to unfair or incautious decisions placed upon the masses by the powers that be.
People today & generations of tomorrow now have a choice, a plan B. https://www.reddit.com/r/Bitcoin/comments/l7mfd5/after_gme_i_finally_understand_bitcoin/
also acts as a counterweight to unfair or incautious decisions placed upon the masses by the powers that be.People today & generations of tomorrow now have a choice, a plan B. https://www.reddit.com/r/Bitcoin/comments/l7mfd5/after_gme_i_finally_understand_bitcoin/
