• Binance Australia recently closed its derivatives business amid regulatory scrutiny.
• Reports indicate that ASIC searched Binance offices as part of its ongoing probe into the exchange’s defunct derivatives business.
• The firm is facing regulatory trouble across America, Europe, and other countries.
Binance Australia Closes Derivatives Business
Binance, the world’s largest crypto exchange, recently closed its derivatives business in Australia due to increasing regulatory scrutiny from the Australian Securities and Investments Commission (ASIC). This has resulted in Binance requesting the cancellation of its derivatives license and halting AUD deposits and withdrawals.
Regulators Search Binance Offices
Recent reports indicate that the probe into the exchange’s closed derivatives business is far from over. On July 5th, anonymous sources close to the matter reported that ASIC searched Binance offices as part of its ongoing review which zooms in on customer classification among other things. A spokesperson for Binance Australia clarified that they are cooperating with authorities while being focused on meeting local regulatory standards.
Troubles Across Borders
Binance is also facing a range of regulatory troubles outside of Australia including a lawsuit from the United States Commodity Futures Trading Commission (CFTC) for servicing U.S customers without authorization followed by a case from the U.S Securities and Exchange Commission (SEC). Additionally, regulators in Netherlands, Germany , and France have been scrutinizing their activities within those markets too .
The global crypto market space is becoming increasingly regulated with authorities across different regions looking at closing any loopholes which may exist for exchanges such as Binance to take advantage of . This could result in further difficulties for firms operating within these jurisdictions as well as an overall tightening up of rules and regulations worldwide .
It appears that Binance is facing rising pressure from regulators globally across different markets which could result in negative implications for how it operates within these regions moving forward . It will be interesting to see how this develops further over time with many expecting stricter enforcement measures being taken against cryptocurrency exchanges .