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Binance comes under “targeted review” in Australia

binance-comes-under-targeted-review-in-australia
Edited by
News
Binance comes under “targeted review” in Australia

Shortly after closing derivatives positions of some retail users mistakenly classified as wholesale investors, the Australian Securities and Investments Commission (ASIC) is reviewing Binance Australia’s derivatives business for its action.

On Feb. 23, Binance announced the closure of derivatives trading accounts belonging to some Australian retail investors erroneously classified as wholesale investors. According to the crypto exchange giant, the action was carried out in compliance with Australian laws.

The closure meant that impacted retail customers will not be able to trade derivatives on the platform. Furthermore, Binance said that the affected customers, which were said to be about 500, were already informed of the restriction, adding that the company was working on a compensation plan. 

According to Bloomberg article posted on Feb. 24, an ASIC spokesperson said that the regulator is aware of Binance Australia’s recent Twitter post while adding that the local entity did not inform the regulator of the issue in line with obligations that come with the platform’s Australian financial license.  

Meanwhile, part of the ASIC review will check Binance Australia’s “classification of retail clients and wholesale clients.”

Binance has been the subject of intense regulatory scrutiny in recent times. The cryptocurrency exchange said it is prepared to pay penalties for past regulatory transgressions. Meanwhile, the company has also said it is willing to comply with local regulatory laws.

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