Australian Regulators Attack Binance Offices In Ongoing...
6 Jul 2023
Crypto News Source
Australian Regulators Attack Binance Offices In Ongoing Investigation
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.
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.
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