Binance Australia offices were reportedly raided by authorities

By: Dickson Arinze

Binance Australia offices were reportedly raided by authorities

July 5, 2023 8:44 AM

Despite rumors to the contrary, Binance has confirmed that it is working with Australian authorities to comply with local regulatory standards.


Binance Australia is collaborating with local authorities to meet compliance standards, following claims that the company's headquarters were raided on July 4.


A representative from Binance Australia said, "We are working together with local authorities and Binance will concentrate on meeting local regulatory requirements with the goal to serve our clients here in Australia in an absolutely compliant manner."

 
According to Bloomberg, the Australian Securities and Investments Commission (ASIC) conducted inspections at Binance Australia sites on Tuesday. The search was part of an ongoing investigation into Binance's now-defunct Australian derivatives business, according to the report, which cites anonymous sources familiar with the situation.


The announcement comes just months after the ASIC revoked Binance Australia Derivatives' license in April 2023. The move came after a thorough examination of Binance's operations in the country, including the platform's distinction between retail and wholesale clients.


In response, Binance elected to take a "more focused approach" in Australia, shutting down derivatives trading. Binance continues to provide spot trading services in Australia.


Binance was previously investigated by Australian regulators after the business unexpectedly canceled several futures positions in February. According to reports, the corporation cited investor categorization compliance, stating that it was barring users who did not match the standards to be wholesale investors.