Binance Australia Offices Searched By Regulators In Latest Probe
As per the Bloomberg report, the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia locations on Tuesday, July 4. As part of the probe, ASIC will be reviewing the derivatives operations of Binance Australia. Additionally, it will also review the classification of Binance’s retail and wholesale clients. advertisement After the regulatory action, Binance Australia decided to wind down its derivatives business back in April 2023. Back in April, ASIC canceled Binance Australia’s license to continue derivatives operations. However, it still continues to operate the crypto spot trading platform. But last month in June Binance Australia ceased all AUD deposits and withdrawals. Previously, the crypto exchange also admitted that they decided to close the derivatives positions of some Australian users after incorrectly classifying them as wholesale investors. A spokesperson from ASIC told Bloomberg “We ar...