Binance Australia Office Searched by ASIC in Derivatives Probe

• Binance Australia’s office is being searched by Australian regulators as part of a derivatives probe.
• Binance is cooperating with authorities to meet local regulatory standards in Australia.
• The news comes after ASIC revoked the exchange’s Australia Derivatives license.

According to a report from Bloomberg on Wednesday, Binance Australia’s office was searched by the Australian securities regulator as a part of a probe into its recently defunct local derivatives business. Unnamed sources reported that the Australian Securities and Investments Commission (ASIC), the regulatory body overseeing corporate and securities matters in the country, conducted the search on Tuesday.

A spokesperson for Binance told Reuters:

We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner.

This news comes after ASIC revoked the license of Binance Australia Derivatives in April, following a focused examination of Binance’s activities in the country, particularly regarding the classification of retail and wholesale clients on the platform. In response to ASIC …

The post Binance Australia Office Searched by ASIC in Derivatives Probe appeared first on Coin Edition.