Binance’s office in Australia has been searched by local regulators as part of an ongoing probe into the cryptocurrency exchange’s derivatives business.
The Australian Securities and Investments Commission staged the search as part of a review of Binance’s derivatives operation focused on client classification, the report said, 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 told The Block on Wednesday via email.The Australian authority’s move comes after the world’s largest crypto exchangein April that its derivatives license was canceled in the country and that it would wind down related operations.
ASIC said at the time that it had been conducting a “targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients.” Binance is facing heightened regulatory scrutiny around the world, with the U.S. Securities and Exchange Commission last month© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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