Binance Australia offices reportedly searched by local regulator – Crypto News

Binance Australia is working with local authorities on meeting compliance requirements amid reports alleging that the company’s offices were searched on July 4.

“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 spokesperson for Binance Australia told Cointelegraph.

The Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia locations on Tuesday, Bloomberg reported. The investigation was part of an ongoing probe into Binance’s now-defunct Australian derivatives business, the report notes, citing anonymous people familiar with the matter.

Binance’s representative did not confirm or deny to Cointelegraph whether the company’s offices were searched, or even whether the company was aware of a local probe.

The news came a few months after the ASIC canceled the license of Binance Australia Derivatives in April 2023. The move followed a targeted review of Binance’s operations in the country, particularly the platform’s classification of retail and wholesale clients.

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In response, Binance chose to pursue a “more focused approach” in Australia, opting to shut down derivatives trading in the country. Binance still offers spot trading services in Australia.

Previously, Australian regulators launched an investigation into Binance after the company abruptly closed some derivatives positions in February. The company cited investor classification compliance, reportedly claiming that it was restricting users that didn’t meet the requirements to be wholesale investors.

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