Binance offices in Australia have been inspected by local authorities. The exchange had previously shut down its derivatives platform in the country.
Binance is facing more problems in Australia, as regulators in the country have been conducting searches at its offices. According to the report, the Australian Securities and Investments Commission carried out the searches on June 4.
Authorities in Australia Find Binance offices
An ongoing investigation into derivatives platform Binance Australia was the reason behind the search. the Bloomberg report It states that one of the points under review is the rating of retail and wholesale customers.
For its part, Binance is willing to cooperate with the local authorities. The exchange explained that it is “focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner.”
Binance Australia has announced its decision to shut down its domestic derivatives exchange. It is uncertain whether this measure will effectively address the concerns raised by the authorities.
Binance has stopped AUD transfers
The research by the Australian regulator comes on the heels of the exchange’s decision to halt bank transfers of Australian dollars. The Australian arm of the exchange is looking for a banking partner in the region.
This was followed by the Australian Securities and Investments Commission (ASIC) decision to revoke Binance Australia’s derivatives license.
Ben Rose, the head of Binance Australia, provided more information on the incident. He claimed that the exchange received less than a day’s warning from former payments provider Zepto before being cut off by the Australian banking system.
Binance has been in a great deal of trouble in the past few months and has faced increasingly difficult challenges in the past few weeks. Moreover, there are signs that it may face more problems in the future, especially in Europe.
For starters, Binance’s European banking partner has withdrawn its support for the exchange. In addition, it failed to obtain a Virtual Asset Service Provider (VASP) in Austria. French prosecutors are also investigating Binance, so the Australian authorities are not the only ones taking more serious action.
A German regulator also refused to license Binance.
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