Binance Australia Offices Subject to Alleged Search by Local Regulator

Binance Australia is actively working with local authorities to ensure compliance with regulatory standards, following reports suggesting that the company’s offices were searched on July 4.

A spokesperson for Binance Australia confirmed that they are cooperating with local authorities and striving to meet all regulatory requirements in order to serve their users in Australia in a fully compliant manner.

According to an anonymous Bloomberg report, the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia locations as part of an ongoing investigation into the now-defunct Australian derivatives business operated by Binance.

This development comes after the ASIC revoked the license of Binance Australia Derivatives in April 2023. The cancellation followed a targeted review of Binance’s activities in Australia, particularly regarding the classification of retail and wholesale clients on the platform.

In response, Binance opted for a more focused approach and ceased derivatives trading operations in the country. However, the company continues to offer spot trading services in Australia.

Earlier this year, Australian regulators initiated an investigation into Binance following the sudden closure of certain derivatives positions in February. Binance cited compliance with investor classification requirements and reportedly restricted users who did not meet the criteria for being considered wholesale investors.

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