Australian offices of Binance were searched

Australian offices of Binance were searched

Author: Robert Strickland (crypto-journalist)

Australian offices of Binance were searched
Australian offices of cryptocurrency exchange Binance were searched
Local regulators conducted the procedure as part of an investigation into the discovery of irregularities in the trading of derivatives already banned on the cryptocurrency exchange

The Australian Securities and Investments Commission (ASIC) conducted searches at the offices of Binance Australia on July 4, people familiar with the situation told Bloomberg news agency.

The procedure took place as part of an investigation into irregularities at the cryptocurrency exchange in providing derivatives trading services, which have now been terminated.

A spokesman for the commission, which revoked Binance Australia's derivatives license in April, noted that ASIC "cannot confirm or deny any details of the investigation, particularly the possible searches." He also added that the regulator has not yet completed its review of the cryptocurrency site.

Binance said it is "cooperating with local authorities" and is "focused on complying with local regulatory standards in order to serve users in Australia in full compliance with legal requirements."

ASIC revoked the financial services license of Binance's local unit of the exchange, Oztures Trading, operating under the Binance Australia Derivatives brand on April 6, 2023. Since April 14, customers of the platform will not be able to increase and open new derivatives positions.

The Commission did not report any violations of the exchange but referred to the lawsuit filed against Binance by the U.S. Commodity Futures Trading Commission (CFTC) on March 27, which accused the site of violating U.S. laws.

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