According to a press release today, the Australian Securities and Investment Commission (ASIC) Binance Australia revoked the derivatives license of .
World’s largest by trade volume crypto- Binance Australia, a branch of the stock exchange, has been ordered by the regulator to close all clients’ open derivatives positions by April 21.
The press release states that ASIC is conducting a targeted review of Binance’s business.
“It is critical that AFS licensees categorize retail and wholesale customers in accordance with the law. “Retail customers trading crypto derivatives are provided with substantial rights and consumer protections under Australian financial services laws, including access to external dispute resolution through the Australian Financial Complaints Authority,” said ASIC Chairman Joe Longo. said.
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Longo added that ASIC supports a regulatory framework for crypto in Australia and insists that the final decision rests with the government.
Binance ran into trouble with regulators last week when the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against the exchange for allegedly operating derivatives products in the United States.
Koinfinans.com As we reported, Binance Australia said in a statement that it was “terminating” its derivatives products to “take a more focused approach”. Leigh Travers, the former CEO of Binance Australia, who resigned from his post on March 10, said in an interview with the Sydney Morning Herald in December that the exchange has more than one million users.