SIC Carries out Search in Binance Australia Amidst License Revocation and Ongoing Investigation

According to Bloomberg, the Australian Securities and Investments Commission (ASIC), Australia’s market regulator, conducted a search at the office of Binance Australia, whose derivatives trading license it had cancelled as part of an ongoing investigation.  ASIC Officials Conduct Search at Binance Australia Office Following the discovery of errors in the classification of individual and wholesale customers by Binance Australia, ASIC initiated an investigation into its derivatives operation. Sources speaking to Bloomberg reported that ASIC conducted a search at the Binance Australia office on July 4 as part of the investigation. In April, the company announced it would close its derivatives exchange while keeping its spot exchange open. The reason given for the closure of the derivatives exchange was the misclassification of some Australian users as wholesale investors, despite not meeting the country’s derivatives trading requirements.  An ASIC spokesperson, who cancelled Binance Australia‘s derivatives trading license in April, spoke to Bloomberg, […] The post SIC Carries out Search in Binance Australia Amidst License Revocation and Ongoing Investigation appeared first on COINTURK NEWS.