- The Australian Securities and Investments Commission searched Binance’s premises in Australia as part of an ongoing probe of the exchange’s derivatives operations, Bloomberg reported.
- Binance Australia, whose derivatives license got canceled in April, told The Block it is “cooperating with local authorities.”
Derivatives license canceled in April
The search conducted by the Australian Securities and Investments Commission (ASIC) at Binance’s office in Australia follows the cancellation of Binance’s derivatives license in the country. In April, Binance announced that it would wind down its derivatives operations in Australia. ASIC had been conducting a review of Binance’s financial services business, specifically examining the classification of its retail and wholesale clients.
Binance is facing increased regulatory scrutiny not only in Australia but also globally. In the United States, the Securities and Exchange Commission (SEC) recently accused Binance and its founder, Changpeng Zhao, of violating securities rules. These regulatory actions reflect the growing attention and concerns of authorities regarding compliance and investor protection within the cryptocurrency industry.