Binance Australia Searched by Regulators as Global Regulatory Walls Close In
Summary
- Binance, the world’s largest crypto exchange, is struggling in Australia as regulators hone in on its derivatives trading business.
- Australian regulators have recently conducted a search of Binance offices as part of an ongoing probe into the exchange’s defunct derivatives business.
- Binance is also facing regulatory trouble across America and Europe with lawsuits from the CFTC and SEC, as well as regulatory problems in the Netherlands, Germany and France.
Australia’s Troubles with Binance
Binance, the world’s largest crypto exchange, is experiencing trouble in Australia amid a “targeted review” from the Australian Securities and Investments Commission (ASIC). In April, Binance requested to cancel its derivatives license. By June, it was forced to halt AUD deposits and withdrawals due to lost banking partners.
Search of Binance Offices
Recent reports indicate that the probe into the exchange’s closed derivatives business is far from over. On July 5th Bloomberg reported that ASIC searched Binance offices as part of its investigation. The search reportedly focuses on customer classification among other things. A statement from Binance Australia confirms cooperation with authorities without elaborating on details about the investigation.
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