BREAKING: Australian Regulators Attack Binance Offices In Ongoing Investigation

Key Points:

• Australian regulator ASIC investigates Binance’s derivatives business.
• The company’s Australian offices were searched as part of the ongoing inquiry.
• The exchange faces global investigations, including in the US and France.

According to Bloomberg, The Australian Securities and Investments Commission (ASIC) is conducting an investigation into Binance, the world’s largest cryptocurrency exchange.

According to unnamed sources, ASIC searched the company’s Australian offices as part of an ongoing inquiry into the exchange’s now-defunct local derivatives business. The categorization of retail and wholesale customers by Binance Australia is the subject of ASIC’s investigation.

Binance said in April that it would close its local futures exchange while continuing to operate its spot platform. Due to misclassification as wholesale investors, the business claimed to have terminated the derivatives holdings of some Australian customers.

ASIC, who had previously suspended Binance Australia’s derivatives license, indicated that their investigation against the business is still continuing and declined to confirm or deny the search activities. The exchange replied by saying its collaboration with local authorities and commitment to achieving regulatory requirements in order to provide fully compliant service to Australian customers.

Binance is facing several investigations and difficulties throughout the world, notably in the United States, where the US Securities and Exchange Commission has accused it of mishandling user assets and violating securities laws.

Authorities in France paid a visit to Binance last month. French authorities are looking into the suspected unlawful offering of digital-asset services as well as aggravated money laundering. The exchange has said that it complies with all regulations in France and every other market in which it operates.

On June 26, the exchange also withdrew its application for regulatory accreditation in Austria. After failing to get regulatory approval, the exchange announced its withdrawal from the Netherlands earlier this month. It has also attempted to deregister its local firm in Cyprus, and a few weeks ago, Belgium’s regulator ordered Binance to cease activities in the country.

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Harold

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