Binance cancels its Australian derivatives license

Oztures Trading Pty Ltd, trading arsenic Binance Australia Derivatives, requested to cancel its derivatives licence with the Australian Securities and Investments Commission (ASIC) connected April 5.

According to an April 6 property statement, the petition has been granted, and Binance volition adjacent each lawsuit positions by April 21.

Meanwhile, the fiscal regulator added that the licence cancellation “has nary effect connected the request for Binance to proceed arsenic a subordinate of [the] Australian Financial Complaints Authority until the extremity of 8 April 2024.”

ASIC was reviewing Binance’s operations

ASIC pointed retired that it had been reviewing Binance’s fiscal services concern successful the country.

ASIC Chair Joe Longo said:

“It is critically important that AFS licensees classify retail and wholesale clients successful accordance with the law. Retail clients trading successful crypto derivatives are afforded important rights and user protections nether fiscal services laws successful Australia, including entree to outer quality solution done the Australian Financial Complaints Authority. Our targeted reappraisal of these matters is ongoing, including absorption connected the grade of user harms.”

Binance abruptly closed the derivatives presumption of its Australian users successful February. At the time, the speech said the closure was successful compliance with section laws.

Meanwhile, the speech faces further scrutiny successful the United States aft the  Commodity Futures Trading Commission (CFTC) filed a ailment against it implicit allegations of regulatory violations.

The station Binance cancels its Australian derivatives license appeared archetypal connected CryptoSlate.