Australian regulator searches Binance’s office in derivatives probe: Bloomberg

According to a report from Bloomberg, the Australian Securities and Investments Commission (ASIC) has conducted a search at Binance’s office in Australia as part of an investigation into the cryptocurrency exchange. The search was specifically focused on reviewing Binance’s derivatives operation and how it classifies its clients. Binance has stated that it is cooperating with the local authorities and is committed to meeting the regulatory standards in Australia to ensure compliance.

Derivatives license canceled in April

The search conducted by the Australian Securities and Investments Commission (ASIC) at Binance’s office in Australia follows the cancellation of Binance’s derivatives license in the country. In April, Binance announced that it would wind down its derivatives operations in Australia. ASIC had been conducting a review of Binance’s financial services business, specifically examining the classification of its retail and wholesale clients.

Binance is facing increased regulatory scrutiny not only in Australia but also globally. In the United States, the Securities and Exchange Commission (SEC) recently accused Binance and its founder, Changpeng Zhao, of violating securities rules. These regulatory actions reflect the growing attention and concerns of authorities regarding compliance and investor protection within the cryptocurrency industry.