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Binance Australia Offices Searched By Regulators in Derivatives Probe

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  • What- Binance Australia offices searched by securities watchdog, Bloomberg reported
  • Why- The probe is part of a review of Binance’s derivatives operation focused on client classification
  • What Next- The exchange is cooperating with the authorities

The Australian Securities and Investments Commission (ASIC)  searched Binance’s Australia offices as part of a probe into its derivatives operation, Bloomberg reported, citing sources familiar with the matter

“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,” a Binance Australia spokesperson said, according to the Bloomberg report.

Derivatives License Cancelled In April

The Australian authority’s move comes after ASIC cancelled the company’s Australia derivatives licence in April 2023. ASIC said at the time that it had been carrying out a “review of the exchange’s financial services business in Australia, including its classification of retail and wholesale clients.’’

In response, the largest crypto exchange pursued a more focused approach, opting to shut down derivatives trading in Australia. However, the platform still offers spot trading services in the country.

Binance Faces Heightened Regulatory Scrutiny

Binance, the world’s biggest crypto exchange, is facing a web of probes globally, leading to a loss of support from some payment providers.

In Australia, the crypto platform does not provide withdrawals in the local currency.

Last month, the US Securities and Exchange Commission (SEC) accused Binance US and its founder Changpeng Zhao of mishandling customer funds, providing misleading information to investors and regulators, and violating securities regulations.

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