Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
The Australian Securities and Investments Commission (ASIC) has cancelled Binance Australia’s derivatives license, according to a press release on Thursday.
Binance Australia, an arm of the world’s largest crypto exchange by trade volume, has been ordered by the regulator to close all client’s open derivatives positions by April 21.
ASIC has been conducting a targeted review of Binance’s businesses, the press release said.
“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law. Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority,” ASIC Chair Joe Longo said.
Longo added that ASIC supports a regulatory framework for crypto in Australia, insisting that the final decision lies with the government.
Binance found itself in hot water with regulators last week, with the U.S. Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange over allegedly operating derivatives products in America.
In a statement, Binance Australia said that it was “winding down” its derivatives product to “pursue a more focused approach.” Former Binance Australia CEO Leigh Travers, who stepped down from his role on March 10, said in December that the exchange had over one million users in an interview with the Sydney Morning Herald.
UPDATE (April. 6, 08:35 UTC): Adds context throughout and statement from Binance Australia.
Edited by Parikshit Mishra.
DISCLOSURE
Please note that our
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
which invests in
and blockchain
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
https://www.coindesk.com/business/2023/04/06/binance-australias-derivatives-license-cancelled-by-regulator/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
The post Binance Australia’s Derivatives License Cancelled by Regulator appeared first on BTC Ethereum Crypto Currency Blog.