The Australian financial regulator has searched the premises of the local subsidiaries of Binance that came as a part of the probe against the crypto exchange’s now-closed derivatives business.
According to a Bloomberg report today (Wednesday), the search by the Australian Securities and Investments Commission (ASIC ) on the locations of Binance Australia was done yesterday (Tuesday). However, there is no official acknowledgment of the search from ASIC or Binance.
In a statement to the media, a Binance spokesperson neither agreed nor denied the report, saying: “We are cooperating with local authorities, and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner.”
Binance Australia attracted regulatory attention in February over the concerns of the misclassification of retail investors as wholesale. The crypto exchange also publicly revealed that it closed the derivatives positions of false classification of several users as ‘wholesale investors’.
Within a month of the probe against the derivatives operations, ASIC canceled the operational license of Binance Australia Derivatives, operated by Oztures Trading Pty…
