Cryptocurrency exchange operator Binance will shut down its Australian derivatives business After assignment a financial Services Licensing on Thursday middle a regulatory investigate its operations.
The Australian Securities and Investments Commission (ASIC) review” of binance, first Certain in February when Binance said it misclassified some retail investors as wholesale.
Individual investors are entitled to a higher level of regulatory protection.
On Thursday, the Australian ASIC canceled financial Services Licensing of Osiris Trading Pty Ltd, trading as Binance Australia (Binance) derivatives, in In response to a request from the company.
All positions will be closed by April 21st.
“It is critical that AFS licensees rate retail and wholesale customers in According with ASIC President Joe Longo said in a permit.
“Our goal review of These things are going on, including Focus on Term of Consumer damages.
the financial Binance licensed services license to issue Derivatives and foreign exchange contracts.
Noting that many cryptocurrency products and services are not subject to regulation by ASIC, Longo said that the regulator supports “regulatory framework” for the asset Season.
Binance said it has decided to pursue “more focused approach in Australia after the last post with ASIC. “
He. She added That the lockdown will not affect Australians using Instant exchange product.
The world’s largest cryptocurrency exchange is struggling regulatory suits and investigations all over the world. Last month, the US Commodity Futures Trading Commission (CFTC) sued Binance and its founder, Changpeng Zhao. for operating What the regulator claimed was an “illegal” exchange.
ASIC noticed the CFTC’s lawsuit regulatory procedures in United Kingdom, Japan, Italy and Singapore.
