The post <a rel="nofollow" href="https://coinpedia.org/news/binance-australia-caught-in-regulatory-crosshairs-offices-searched-in-derivatives-probe/">Binance Australia Caught in Regulatory Crosshairs: Offices Searched in Derivatives Probe</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
According to anonymous sources familiar with the matter, the Australian Securities and Investments Commission (ASIC), the regulatory authority overseeing corporate, markets, financial services, and consumer credit in Australia, conducted searches at Binance Australia offices as part of an ongoing probe into the crypto exchange’s former derivatives business. The sources requested anonymity while discussing confidential information. 
In April, Binance announced the closure of its local derivatives exchange while maintaining its spot platform, citing the incorrect classification of certain Australian users as wholesale investors and the subsequent closure of their derivatives positions. 
ASIC’s investigation into Binance Australia’s derivatives operations focuses on the company’s classification of retail and wholesale clients.&nbsp; 
When contacted for comment, an ASIC spokesperson neither confirmed nor denied the operational details, including the possibility of searches, citing the ongoing review of the company. 
<h2 class="wp-block-heading" id="h-binance-is-complying-with-the-authorities">Binance is complying with the authorities</h2> 
Binance stated that it is collaborating with local authorities and prioritizing compliance with local regulatory standards to serve its Australian users in a fully compliant manner. 
Binance, the largest cryptocurrency exchange globally, faces multiple investigations worldwide and has lost support from certain payment providers due to concerns about regulatory consequences. Binance Australia’s platform has been cut off from a crucial local currency withdrawal channel. 
In recent developments, French authorities visited Binance in France last month to investigate the alleged illegal provision of digital-asset services and suspected acts of aggravated money laundering. Binance maintains that it adheres to all applicable laws in France and other markets. 
Furthermore, the U.S. Securities and Exchange Commission (SEC) accused Binance and its founder Changpeng ‘CZ’ Zhao of mishandling customer funds, misleading investors and regulators, and violating securities regulations June. Binance expressed disappointment with the SEC’s actions and affirmed its determination to vigorously defend its platform.&nbsp;

Binance Australia Caught in Regulatory Crosshairs: Offices Searched in Derivatives Probe

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