Binance revokes its license for derivatives in Australia

Binance abruptly closed the derivatives position for its Australian users in February, citing compliance with local laws.

On April 5, Oztures Trading Pty Ltd, which trades under the name Binance Australia Derivatives, submitted a request to the Australian Securities and Investments Commission (ASIC) to revoke its derivatives license.

The request has been granted, according to a press release from April 6, and Binance will eliminate all client positions by April 21.

In the meantime, the financial regulator added, “The requirement for Binance to continue as a member of [the] Australian Financial Complaints Authority until the end of April 2024 has no effect on the license cancellation.”

ASIC was reviewing Binance’s operations

ASIC pointed out that it had been reviewing Binance’s financial services business in the country.

ASIC Chair Joe Longo 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. Our targeted review of these matters is ongoing, including focus on the extent of consumer harms.”

In February, Binance abruptly ended its Australian users’ derivatives positions. The exchange said at the time that the closure was in accordance with local laws.

In the meantime, the Commodity Futures Trading Commission (CFTC) has filed a complaint against the exchange for alleged regulatory violations, putting it under even more scrutiny in the United States.

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