Australian Regulators Revoke Binance’s Financial Services Licence

The Australian Securities and Investments Commission (ASIC) has revoked the license of cryptocurrency exchange, Binance,

 

 

This decision means that Binance will not be able to offer financial services to users in Australia.

 

 

“ASIC has today canceled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance). The licence cancellation was effected today in response to a request to cancel received from Binance yesterday.

 

” ASIC has been conducting a targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients. On 29 March 2023, ASIC issued a notice of hearing under s915C of the Corporations Act 2001 to consider whether ASIC should cancel or suspend the AFS licence held by Oztures Trading Pty Ltd,” the statement said.

 

 

Beginning on April 14, Binance will no longer sell highly complex derivative products to Australian consumers.

 

Also, all current customers will be required to close their positions by April 21.

 

The ASIC said that it issued a notice to Binance last month that it was considering taking the move to suspend its license.

 

 

 

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