April

Spot

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Australia’s corporate regulator Australian Securities and Investments Commission (ASIC), said in a <a aria-label="press release (opens in a new tab)" href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-091mr-binance-australia-derivatives-afs-licence-cancelled/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">press release</a> Thursday it has canceled Binance Australia’s derivatives license following a targeted review of the company’s classification of retail and wholesale clients. The crypto exchange has been instructed to close all open positions on its derivatives platform by April 21.</p> 
<h3 id="binance-australia-s-license-canceled-due-to-its-classification-of-retail-and-wholesale-users">Binance Australia’s License Canceled due to its Classification of Retail and Wholesale Users</h3> 
<p>Binance’s Australian arm said it was shutting down its derivatives business after the country’s corporate regulator ASIC canceled the world’s biggest crypto exchange’s license. According to ASIC’s press release, the regulator ordered Binance Australia to close all open derivatives positions by April 21.</p> 
<p>In a <a aria-label="separate statement (opens in a new tab)" href="https://www.binance.com/en-AU/blog/all/winding-down-of-binance-australia-derivatives-on-21-april-2023-5937431074265361443" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">separate statement</a>, Binance said it would wind down its derivatives operations in Australia “to pursue a more focused approach” in the country. The company also said it had notified the remaining users on Binance Australia Derivatives, around 100, to inform them about the decision.</p> 
<p>The move comes after ASIC conducted a “targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients.” The review of such matters is ongoing, said ASIC Chair Joe Longo, focusing on the extent of consumer harm.</p> 
<blockquote class="wp-block-quote"> 
 <p>“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.”</p> <cite>– said ASIC Chair Joe Longo. </cite>
</blockquote> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="binance-s-spot-business-in-australia-to-continue-operating-normally">Binance’s Spot Business in Australia to Continue Operating Normally</h3> 
<p>Binance said the move does not affect its spot business in Australia, which has more than one million users. It added that shutting down derivatives operations would not impact its commitment to developing the crypto industry.</p> 
<p>But the company continues to attract global regulators’ attention. Last week, the US Commodity Futures Trading Commission (CFTC) <a href="https://tokenist.com/binance-fud-grows-as-experts-cry-operation-chokepoint-2-0/" rel="dofollow" class="deco-link">sued Binance</a> for deliberately evading federal law and operating an illegal crypto derivatives exchange in the US.</p> 
<p>Similarly, it was reported last week that Binance had allegedly <a href="https://tokenist.com/binance-concealed-links-to-china-for-years-report/" rel="dofollow" class="deco-link">concealed its links to China</a> “for several years,” despite saying it exited the market following the regulatory crackdown in 2017. As a result of being in the regulators’ crosshairs, Binance’s market share <a href="https://tokenist.com/binance-us-market-share-tripled-in-q1-despite-cftc-action/" rel="dofollow" class="deco-link">declined by 16%</a> between March and April, though its US affiliate saw its market share triple during that period.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think the recent crackdown by global regulators on Binance could significantly impact the company’s future growth? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/binance-australia-to-wind-down-its-derivatives-business-after-regulator-cancels-license/">Binance Australia to Wind Down its Derivatives Business After Regulator Cancels License</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Binance Australia to Wind Down its Derivatives Business After Regulator Cancels License

目錄

Tokenist

在 2023年4月6日發表的其他文章

HeartX Unveils Token Airdrop Game “Vote-to-Earn” to Warm Up the Launch of the Platform

CA Financial Watchdog Joins Multi-State $10M Settlement With Robinhood

Ralph Lauren Rolls Out Crypto Payments and NFT Gifts

Arbitrum Restricts 700M ARB Tokens Movement Without DAO Approval

Increasing momentum for a privacy-first world

Cardano ($ADA) May Enter Bull Rally if It Breaks Through ‘Colossal Sell Wall’, Says Crypto Analyst

訂閱免費電子報，每天收取加密貨幣最新動態！