Binance lost its derivatives trading license in Australia

Binance lost its derivatives trading license in Australia

Author: Robert Strickland (crypto expert)

Binance lost its derivatives trading license in Australia
The Securities and Investments Commission of Australia did not report the violations on the part of the platform but mentioned the lawsuit against Binance from the CFTC and the warnings issued against the exchange from the regulators of seven other countries

The Australian Securities and Investments Commission (ASIC) revoked the license to provide financial services of the local unit of the exchange Binance - the company Oztures Trading, which operates under the brand Binance Australia Derivatives.

Since April 14, customers of the platform will not be able to increase and open new derivatives positions. All relevant transactions must be closed by them until April 21.

The commission did not report any violations by the exchange, but it did mention a lawsuit filed against Binance by the U.S. Commodity Futures Trading Commission (CFTC) on March 27 accusing the exchange of violating U.S. laws.

ASIC also noted that Binance has received several warnings and has been targeted by regulators in the U.K., Japan, Italy, Singapore, the Netherlands, Canada, and Thailand.

Binance said it decided to shut down derivatives trading after "recent interactions" with the regulator. According to The Block, the exchange explained that the revocation of ASIC approval will not affect spot trading on Binance Australia, and the Binance Australia Derivatives platform has about 100 users left, all of whom have been notified to close derivatives trading.

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