The premises of exchange Binance have been raided by the Australian Securities and Investments Commission (ASIC). The Australian authorities have not yet specified the reason for this action. In April, Binance had its derivatives license withdrawn.
Binance also under pressure in Australia
Regulatory pressure in Australia Binance from state regulators is far from over. According to our colleagues at Bloomberg exchange Binance’s premises were raided by the Australian Securities and Investments Commission (ASIC) July 4, 2023.
Contacted by Coindesk, Binance confirmed the search. An official of the exchange said that the platform is working with the Australian authorities to comply with the country’s regulatory standards.
We are cooperating with local authorities and Binance is focused on complying with local regulatory standards in order to serve our users in Australia in a fully compliant manner.
A Binance spokesperson
Binance’s derivatives license withdrawn
The raid on Binance’s premises in Australia follows another piece of bad news for the platform. Indeed, the Australian Securities and Investments Commission (ASIC) a cancelled the license of derivative products of Binance last April. This decision was taken at the request of Binance. To this end, the platform undertook to close all its customers’ derivative positions by April 21, 2023.
CZ’s exchange also faced another sad event. Last May, Binance has been cut off from Australian banking services. According to Ben Rose, Binance manager in Australia this decision had been taken in a hurry.
In the end, we only had 12 hours’ notice before our banking services were cut off.
Ben Rose, Binance manager in Australia
Binance’s regulatory troubles are not limited to Australia. In the United States, Binance is sued by the Commodity Futures Trading Commission (CFTC) for violating the law. For almost similar reasons, Nigeria’s financial regulator recently invited Binance to cease its activities in the country. In Canada, Binance has simply withdrew mainly due to regulatory constraints.
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