Oztures Buying and selling Pty Ltd, buying and selling as Binance Australia Derivatives, requested to cancel its derivatives license with the Australian Securities and Investments Fee (ASIC) on April 5.
In keeping with an April 6 press assertion, the request has been granted, and Binance will shut all shopper positions by April 21.
In the meantime, the monetary regulator added that the license cancellation “has no impact on the requirement for Binance to proceed as a member of [the] Australian Monetary Complaints Authority till the tip of 8 April 2024.”
ASIC was reviewing Binance’s operations
ASIC identified that it had been reviewing Binance’s monetary companies enterprise within the nation.
ASIC Chair Joe Longo stated:
“It’s critically vital that AFS licensees classify retail and wholesale purchasers in accordance with the legislation. Retail purchasers buying and selling in crypto derivatives are afforded vital rights and client protections beneath monetary companies legal guidelines in Australia, together with entry to exterior dispute decision by way of the Australian Monetary Complaints Authority. Our focused overview of those issues is ongoing, together with concentrate on the extent of client harms.”
Binance abruptly closed the derivatives place of its Australian customers in February. On the time, the trade stated the closure was in compliance with native legal guidelines.
In the meantime, the trade faces additional scrutiny in the US after the Commodity Futures Buying and selling Fee (CFTC) filed a criticism in opposition to it over allegations of regulatory violations.
The publish Binance cancels its Australian derivatives license appeared first on CryptoSlate.
