Binance Australia is collaborating with local regulators to ensure that they comply with regulatory standards and provide their users in Australia with fully compliant services. The Australian Securities and Investments Commission conducted searches in Binance Australia’s offices on July 4 as part of an ongoing investigation of the company’s previously defunct derivative business in Australia.
Binance Australia’s representative declined to confirm or deny whether their offices were searched or if they were aware of a local investigation. The ASIC had revoked Binance Australia Derivatives’ license in April 2023 after evaluating Binance’s operations in Australia and its client classification, focusing on retail and wholesale clients.
As a result, Binance made the decision to take a “more targeted approach” in Australia and ceased offering derivatives trading in the country. However, they continue to provide spot trading services in Australia.
Earlier, Australian regulators initiated an investigation into Binance following the sudden closure of certain derivatives positions in February. Binance stated that the closure was due to compliance with investor classification, restricting users who did not meet the criteria for being wholesale investors.
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