- According to foreign sources, Binance’s Australian office is being investigated by local regulators.
- A spokesperson for Binance Australia reported that they are cooperating with local authorities.
- The move by Australian officials comes after Binance announced the cancellation of its derivative license in the country and the cessation of related activities.
According to information from knowledgeable sources, the Australian regulator ASIC conducted a search at Binance’s office in Australia.
Search Conducted at Binance’s Office in Australia
According to foreign sources, Binance’s Australian office is being investigated by local regulators. The Australian Securities and Investments Commission (ASIC) conducted a search as part of a review focusing on Binance’s derivative operations, particularly customer classification.
According to a report by Bloomberg citing sources, a spokesperson for Binance Australia stated the following regarding the matter:
“We are collaborating with local authorities to serve our users in full compliance with regulatory standards in Australia.”
Derivative License Revoked in April
The move by Australian officials took place after Binance, the world’s largest cryptocurrency exchange, announced in April that its derivative license in the country had been revoked and related activities would be terminated.
At the time, ASIC stated that it conducted a “targeted review” of Binance’s financial services business in Australia, including retail and wholesale customer classification.
Binance is facing increased regulatory scrutiny worldwide, and last month the U.S. Securities and Exchange Commission accused the exchange and its founder, Changpeng Zhao, of violating securities regulations.
