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

Quick Take

  • The Australian Securities and Investments Commission searched Binance’s premises in Australia as part of an ongoing probe of the exchange’s derivatives operations, Bloomberg reported.
  • Binance Australia, whose derivatives license got canceled in April, told The Block it is “cooperating with local authorities.”

Binance’s office in Australia has been searched by local regulators as part of an ongoing probe into the cryptocurrency exchange, Bloomberg reported Wednesday.

The Australian Securities and Investments Commission (ASIC) staged the search as part of a review of Binance’s derivatives operation focused on client classification, the report said, citing sources familiar with the matter.

“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 Binance Australia spokesperson told The Block on Wednesday via email.

Derivatives license canceled in April

The Australian authority’s move comes after the world’s largest crypto exchange said in April that its derivatives license was canceled in the country and that it would wind down related operations.

ASIC said at the time that it had been conducting a “targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients.”

Binance is facing heightened regulatory scrutiny around the world, with the U.S. Securities and Exchange Commission last month accusing the exchange and its founder Changpeng Zhao of violating securities rules.

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