As Bloomberg reported, Binance Australia is under further regulatory scrutiny, with a particular focus on its previous derivatives activity. July 4th.

Bloomberg reported that the Australian Securities and Investments Commission (ASIC), the country’s consolidated financial market regulator, raided various locations of Binance Australia on the day of the report.

A Binance spokesperson said: crypto slate,

“We work with local governments and Binance is focused on meeting local regulatory standards to serve Australian users in a fully compliant manner.”

The research focuses on certain aspects of the company’s now discontinued local derivatives business, such as the classification of retail and wholesale customers.

A spokesperson for ASIC declined to confirm or deny any specific searches, but confirmed that a regulatory review is ongoing against Binance Australia. Binance emphasized its commitment to “working with local governments” and complying with regulatory standards “in a fully compliant manner.”

Following a review by ASIC in April, Binance Australia had its derivatives license revoked and stopped providing derivatives trading services. Binance Australia announced in early February that it had closed derivatives positions for some Australian users who were misidentified as wholesale investors.

The company has separately lost its ability to process Australian dollar transfers through the country’s PayID network, as reported in May. Another Bloomberg report suggests that access to the service was officially suspended on June 1.

Otherwise, the company provides continuous access to its crypto spot trading platform.

Binance faces regulation globally.

The investigation into Binance Australia is part of a broader cloud of regulations looming over cryptocurrency giant Binance. On June 5, the U.S. Securities and Exchange Commission (SEC) charged Binance and its founder Changpeng Chao with mishandling customer funds, helping customers evade international regulations, and violating securities rules. bottom.

On June 16th, it was reported that Binance France was under investigation by local authorities. French authorities were investigating suspected illegal provision of digital asset services and malicious money laundering.

These ongoing regulatory challenges facing Binance highlight the heightened global scrutiny of the cryptocurrency industry.

Update 11.20 GMT: Added Binance response

A post searched by Binance Australia to investigate former derivatives activity first appeared on CryptoSlate.

By Jules

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