ASIC has cancelled the Australian financial services licence of Binance Australia Derivatives, held by Oztures Trading Pty Ltd, effective immediately. Clients will not be able to increase derivatives positions or open new positions from 14 April 2023, and will need to close any existing derivative positions before 21 April 2023.
Binance will close any remaining open positions on 21 April 2023. ASIC had been conducting a targeted review of Binance's financial services business in Australia, including its classification of retail and wholesale clients.
ASIC has repeatedly warned potential crypto users that crypto is risky and complex, and that many crypto products and services are not regulated by ASIC.
Related:
CFTC Sues Binance and CEO Over Alleged Regulatory Violations
Binance Suffers 16% Drop in Market Share Amid Banking Crisis and CFTC Lawsuit: Kaiko
Binance CZ Calls for Unity in Crypto Industry Amid FUD Caused by Rumors
Binance Market Share Tumbles 16%,Data Debrief: April 3, 2023
All Comments