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ASIC raids Binance Australia offices

The offices of Binance Australia, the Australian arm of Binance, were raided Tuesday by the country’s financial market regulator.

this latest cryptocurrency news It comes as governments around the world scrutinize the activities of cryptocurrency exchanges.

according to Bloomberg reportThe Australian Securities and Investments Commission raided several Binance Australia stores on Tuesday. The raid was part of an ongoing investigation into the derivatives business of the now-defunct cryptocurrency exchange, sources told Bloomberg.

Binance has been cracked down by governments in Europe and the United States. last month, US SEC sues Binance And its CEO Changpeng Zhao violated securities laws.

Brazilian authorities announced on June 22. Investigating Binance Due to suspicion of a pyramid scheme. Binance is also under investigation for helping clients circumvent restrictions on crypto derivatives investments in Brazil.

A few days later, Binance Withdraws License Application It also started operations in Austria after German regulators rejected its application to operate in Austria.

External pressure is hurting Binance, says CZ

In a Twitter Space on Wednesday, Binance CEO CZ admitted that outside pressure is hurting the company. he said:

“Many of them are out of our control, but they will hurt our business in the short term.”

Despite the pressure, Binance remains the number one cryptocurrency exchange in the world. However, the company’s global share of crypto spot trading fell for the fourth month in a row in June. According to data obtained from CCData, Binance now controls 42% of global spot crypto trading volume, the lowest level in 10 months for the company.

ASIC’s inquiry comes after Binance Australia announced in April that it would scale back its local derivatives exchange while keeping its spot platform open.

At the time, Binance said it had closed its derivatives positions because a number of its users in Australia had been misclassified as wholesale investors.

An ASIC spokesperson said:

“We are unable to confirm or deny any operational details, including a possible search. A review of the company by ASIC is ongoing.”

The crypto exchange said it is working with local authorities and is solely focused on meeting local regulatory standards to serve Australian users in a fully compliant manner.

By Jules

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