Benxa boss criticizes ASX approach to crypto

Australian crypto startup Benxa has levied criticism against the Australian Stock Exchange (ASX), after it alleged that the firm was using “criminal money”.

ASX refused to list Benxa as a publicly traded company after due diligence undertaken as part of the process of awarding such licenses.

ASX’s reluctance is arguably partially motivated by a lack of a clear-cut regulatory framework.

Benxa supports payments for some of the biggest crypto exchanges in the industry, including Huobi and Binance, but it has not been able to break through in Australia.

Instead, the company has chosen to list on the Canadian Venture Exchange. Commenting for The Age, Benxa chief executive Holger Arians argued that the ham-fisted approach of regulators is driving value out of Australia.

According to Arians, ASX was prompt to turn down the offer for a listing. ASX openly said that they perceived Bitcoin as “money for criminals”, even though many investment banks and exchanges are now more open to accepting the currency.

“We’ve grown up in Australia with the business, and we really wanted to form the relationships and list on the home exchange”, Arians said. He acknowledged that there was some substance to the claim that some crypto has been misused by criminals.

Organizations such as Goldman Sachs and Blackrock have been far more accepting of crypto and preparing to invest in it.

Other startups in Australia have also spoken up against ASX which has been reluctant to take on any crypto affiliations, or severed existing relationships without much thought.

This doggedness, alleged companies such as Bamboo, leads to a “brain drain” and deprives the country from its capable talent when it comes to crypto and blockchain, two technologies that will undoubtedly have a role in the future.

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Updated: 11/23/2021 — 13:00