Binance continues to face regulatory issues in Australia.
The Australian Securities and Investments Commission (ASIC), an independent Australian Government body responsible for regulating financial services and consumer credit, has allegedly searched crypto exchange Binance Australia offices.
According to the news report shared by Bloomberg, on July 4th, local regulators visited Binance Australia offices as a part of an ongoing investigation into Binance’s now-closed Australian derivatives business.
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The news was allegedly revealed by the people familiar with the matter, who sought to remain anonymous.
Amid allegations of local regulatory offices probing Binance Australia locations, the Binance Australia spokesperson highlighted that the company is actively working on meeting local regulatory standards.
We are focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner.
It is worth noting that in April 2023, ASIC revoked the license of Binance Australia Derivatives. This action was taken after a comprehensive review of Binance’s operations within the country, focusing on the platform’s retail and wholesale clients classification.
Subsequently, Binance decided on a "more focused approach” for its operations in Australia and halted derivatives trading in the country. Despite such a move, Binance continues to offer spot trading services in the country.
This recent regulatory scrutiny comes after significant issues the crypto exchange Binance faces in the United States. At the beginning of June, the US Securities and Exchange Commission sued Binance, Binanace.US, and founder Changpeng Zhao over unregistered securities.
These recent developments underline the regulatory challenges facing crypto businesses like Binance Australia. As the company navigates these evolving regulatory landscapes, its commitment to maintaining compliant operations while serving its users remains paramount.
