Binance Australia is working with local authorities to meet compliance requirements amid reports that the company’s offices were raided 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 Binance Australia spokesperson told Cointelegraph.
The Australian Securities and Investments Commission (ASIC) searched Binance Australia’s locations on Tuesday, Bloomberg reported. The investigation was part of an ongoing investigation into Binance’s now-defunct Australian derivatives business, the report said, citing unnamed people familiar with the matter.
Binance’s representative would not confirm or deny to Cointelegraph whether the company’s offices were searched, or even if the company was aware of a local investigation.
The news came months after ASIC canceled Binance Australia Derivatives’ license in April 2023. The move followed a specific review of Binance’s operations in the country, particularly the platform’s classification of retail clients and wholesalers
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In response, Binance chose to take a “more focused approach” in Australia, opting to shut down derivatives trading in the country. Binance still offers spot trading services in Australia.
Australian regulators previously launched an investigation into Binance after the company abruptly closed some derivatives positions in February. The company cited investor classification compliance, saying it was restricting users who didn’t meet the requirements to be wholesale investors.
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