Binance Australia Faces Regulatory Heat

Australia's financial markets regulator, the Australian Securities and Investments Commission (ASIC), conducted a search at Binance Australia's offices on Tuesday as part of an investigation into the crypto exchange's now-defunct local derivatives business, according to reports from Bloomberg News. The search, confirmed by unnamed sources, marks the latest development in ASIC's probe into Binance's activities, according to a July 5 report by Reuters.

An official at Binance said the company is cooperating with local authorities and meeting regulatory standards, but they did not confirm the search report. The ASIC's investigation began earlier this year after Binance abruptly closed certain derivatives positions in February. Binance cited compliance with investor classification requirements, stating that it restricted users who did not meet the criteria for wholesale investors.

In response to ASIC's actions, Binance made the decision to adopt a more focused approach in Australia, ceasing derivatives trading operations while continuing to offer spot trading services in the country. Last April 2023, Binance Australia Derivatives' license was also canceled following a targeted review of the platform's operations, particularly its classification of retail and wholesale clients.

‍

What is Binance:

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

Where to find Binance:

Website | Twitter | Discord | Telegram |