Australian Regulators Cancel Binance Derivatives License: What You Need to Know
The cryptocurrency landscape in Australia has shifted significantly. The Australian Securities and Investments Commission (ASIC) has taken decisive action, canceling the derivatives license of a key player. Read on to understand the implications for Australian crypto traders.
ASIC Cancels Binance Australia Derivatives License
ASIC has today cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance). This follows a targeted review of Binance’s operations in Australia and signifies a significant regulatory development. Australia's securities regulator announced today that it would be canceling the operating license for Binance's derivatives business. The specific entity is Binance Australia.
Australian Securities and Investment Commission (ASIC) have canceled Binance’s derivatives license, a crypto exchange platform that has offered derivatives services in Australia since July. This means Binance Australia Derivatives can no longer offer these specific financial products to Australian customers.
Why Was the Binance License Canceled?
The Australian regulator ASIC has canceled the Australian financial services license held by Oztures Trading Pty Ltd c/n/a as Binance Australia Derivatives (Binance). While the specific reasons behind the cancellation require deeper investigation, it's clear that ASIC conducted a thorough review, leading to this outcome. To this end, The Australian Securities and Investments Commission or ASIC has revoked the derivative exchange license for Binance. The request was extended by... [Further details will be added as they become officially available].
Traders who have been using Binance's derivatives platform in Australia should closely monitor communications from both Binance and ASIC for instructions on how this change will affect their accounts and holdings. It is crucial to understand any necessary actions required to comply with the regulatory change.
We will continue to provide updates as more information regarding The Australian Securities and Investments Commission (ASIC) has canceled the license of Binance Australia Derivatives becomes available.