Binance Australia, the first digital currency exchange globally to adopt ESG with Socialsuite

In a move to foster long-term commitments and recognise transparency on sustainable development goals within the digital asset industry, Binance Australia is implementing an impact measurement plan focused on a series of ESG metrics, including governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, diversity and inclusion, pay equality and tax payments.

As with ESG, there are often many misconceptions when it comes to digital currencies and ones that are heavily publicized by the media. We’ve all heard about digital currencies being used by bad actors and of concerns around high carbon emissions in the industry, for example, from Bitcoin mining. So how can we unlock the benefits of digital currencies if this is the case?

"By implementing ESG reporting, not only does our commitment to ESG keep Binance Australia accountable to its people, the planet and the community, but also to show our current and future partners and investors that we value and take our broader business impact seriously."

Leigh Travers, CEO
Binance Australia
Leigh Travers, CEO
#1
the first digital currency exchange globally to adopt ESG
2021
when Binance Australia committed to ESG reporting

Cryptocurrency and digital assets sit in a unique position at the intersection of Australia’s progress towards becoming a technology and financial center. Regulation of cryptocurrencies and digital assets is on the way but some companies are getting ahead of the curve and adopting practices that showcase crypto is here to stay and want to demonstrate how they are good corporate citizens. 

One such company is Binance Australia, the first digital currency exchange in the world to adopt ESG using the Socialsuite platform.

As with ESG, there are often many misconceptions when it comes to digital currencies and ones that are heavily publicized by the media. We’ve all heard about digital currencies being used by bad actors and of concerns around high carbon emissions in the industry, for example, from Bitcoin mining. So how can we unlock the benefits of digital currencies if this is the case? 

In the digital currency space, there are positive change makers who want to actively address these misconceptions and the way the industry is perceived. Binance Australia, the world’s first digital currency exchange to adopt ESG, is leading the charge. Not only are they on a mission ‘to make a positive impact on society by helping Australians achieve greater financial freedom’ they are looking to do this in a more responsible, equitable and sustainable way. 

Taking the first step

Transparency and governance are core aspects of ESG and play a major role in ESG metrics that are measured within Socialsuite’s platform. Many companies are asking themselves which framework do I choose today? However, the question they should be asking isn’t which framework but how do I get started so that I’m ahead of the curve? As ESG practices evolve, so will the frameworks that are in the market and regardless of which one you choose, it’s the journey and positive impact that matter most.

When Binance Australia decided to embed ESG practices and reporting within its business, it was met with a positive reception from employees and in particular service providers. The step towards greater transparency helps to foster trust across its stakeholder base. 

As a rapidly growing company, adopting an existing framework and monitoring technology like Socialsuite provides flexibility for Binance Australia as they continue to expand and grow. Using common metrics will enable consistent reporting and sustainable value creation over the long term.

Measure, monitor and report

For Binance Australia, their ESG journey started with CEO, Leigh Travers, who had experience with ESG and Socialsuite at DigitalX. At Binance Australia, Leigh wants to “change the misconceptions around the blockchain industry and show that it can be a force for good”. 

The Socialsuite technology platform enables Binance Australia to measure, monitor and report on its ESG disclosure progress - creating an easy way for stakeholders to see the advancements that the company is making on its ESG journey. 

For Binance Australia, they believe that having a strong ESG focus and further embedding corporate governance practices within the business will lead towards a more sustainable future - not just for the business but the industry and society as a whole. 

“We’re working proactively with regulators to ensure that we have a positive impact on society and the border market that serves our customers. ESG enables us to do something that’s good for business, the industry and for the planet.” 

To put it in perspective, Binance Australia’s largest department by personnel is in compliance. As a company that has a long history of championing the benefits of blockchain technology for society and industry and as a first mover on ESG, hopefully this will encourage others in the space to follow suit. 

Binance Australia’s focus on ESG covers an array of initiatives including: 

  • The Binance Charity Foundation’s support of Koala Clancy Foundation (KCF)
  • The team continues to grow with a gender diversity ratio above 40%
  • Strengthening of governance activities including board skills matrix, risk management and stakeholder mapping

When it comes to social impact, digital currency exchanges like Binance Australia are promoting financial inclusion by driving innovation within financial services and creating greater accessibility at scale. Since committing to ESG, Binance Australia have secured their first institutional partner. 

As governments accelerate efforts to regulate the industry and consumer pressure continues to build alongside increasing adoption, those ahead of the curve like Binance Australia will continue to reap the rewards of value creation through ESG.

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