Australian ASIC conducts searches at Binance Australia offices

July 05, 2023 06:35 PM AEST | By Invezz

Australian ASIC conducts searches at Binance Australia offices — Image source: Invezz

Binance operations in Australia

After the ASIC cancelled its derivatives license, Binance decided to stop trading in derivatives in Australia and instead adopt a “more focused approach.” The crypto exchange still provides spot trading services in Australia.

Sometimes in February, Binance was the subject of an investigation by Australian regulators after the company abruptly closed some derivatives positions. At the moment, the exchange reportedly claimed that it was restricting users who didn’t meet the requirements to be wholesale investors, citing investor classification compliance.

In light of Tuesday’s search, Binance has confirmed that it is working with local authorities to ensure that it meets compliance requirements. A Binance spokesperson has told one leading media outlet “We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner.”

Binance regulatory setbacks across the globe

Binance is not having problems in Australia alone. Towards the end of June, Binance EUR banking partner Paysafe Payment Solutions Limited announced that it will be halting its services to the exchange starting September 25, 2023.

After the US Securities and Exchange Commission (SEC) lawsuit, Binance has withdrawn its registration applications in various European countries including the United Kingdom and the Netherlands. Belgium’s financial regulator has also ordered the exchange to cease all operations in the country. Binance Brazil is also facing investigations for what authorities say is involvement in pyramid schemes.

The post Australian ASIC conducts searches at Binance Australia offices appeared first on Invezz.

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