Binance Struggles as Global Regulatory Walls Tighten: Search of AU Office

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• Binance Australia’s troubles come as global regulatory walls close in on the world’s largest crypto exchange.
• Recently, ASIC searched Binance offices as part of its ongoing probe into the exchange’s defunct derivatives business.
• In addition to Australia, Binance is facing regulatory trouble in the US, Netherlands, Germany and France.

Binance Struggles with Global Regulatory Walls

The Australian market is proving a tough nut to crack for Binance. The firm recently closed its derivatives business amid regulatory scrutiny and now reports indicate that this scrutiny is far from over. In April, the firm requested the cancellation of its derivatives license due to a “targeted review” from the Australian Securities and Investments Commission (ASIC). By June, it was forced to halt AUD deposits and withdrawals as it lost a major banking partner.

ASIC Searches Binance Offices

On July 5th, ASIC searched Binance offices as part of an ongoing probe into the exchange’s defunct derivatives business. The search was reportedly part of a review involving customer classification among other things. A statement by Binance Australia noted that they are cooperating with authorities without going into details about the investigation.

Regulatory Trouble Across Multiple Jurisdictions

Binance has experienced regulatory trouble across America and Europe in addition to Australia . In March, Binance found itself at the receiving end of a lawsuit from CFTC for illegally servicing U.S customers which was followed by an SEC case alleging wash trading and commingling of customer deposits in June . In addition , regulators are also scrutinizing their operations in Netherlands , Germany , and France .

Aiming For Regulatory Compliance

Despite all these troubles , Binance remains focused on meeting local regulatory standards so that they can continue serving their users in a fully compliant manner . According to Bloomberg sources close to the matter , this involves working closely with financial institutions to ensure compliance with KYC/AML regulations .

Conclusion

As global regulation walls close in on one of world’s largest crypto exchanges , it becomes increasingly important for them to stay compliant while navigating different jurisdictions‘ regulations . Despite all these struggles , they remain committed towards achieving compliance so that they can continue offering their services globally .