👀 After shutting down derivatives platform in Australia, Binance is reportedly still facing a probe from local regulators.
Australia is working with local authorities on meeting compliance requirements amid reports alleging the company’s offices were searched on July 4.
“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,” a spokesperson for Binance Australia told Cointelegraph. The Australian Securities and Investments Commission conducted searches at Binance Australia locations on Tuesday, Bloomberg reported. The investigation was part of an ongoing probe of Binance’s now-defunct Australian derivatives business, the report notes, citing anonymous people familiar with the matter.
Binance’s representative did not confirm or deny to Cointelegraph whether the company’s offices were searched, or even whether the company was aware of a local probe.in April 2023. The move followed a targeted review of Binance’s operations in the country, particularly the platform’s classification of retail and wholesale clients.In response, Binance chose to pursue a “more focused approach” in Australia, opting to shut down derivatives trading in the country.
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