The Australian regulator’s decision to immediately cancel Binance’s financial licence adds to a growing problem for the world’s largest crypto exchange.
Binance Australia’s financial license has been cancelled by the Australian regulator, forcing all local derivatives investors to begin unwinding positions immediately and adding to theASIC cancelled Binance Australia’s license on Thursday evening, effective immediately after receiving a request to do so from the company on Wednesday.
“While we note this latest development, I emphasise that ASIC will continue to monitor Binance’s operations, including the wind down of the derivatives business.” Binance became the majority shareholder of Oztures Trading in January 2022 and had installed former Binance Australia chief executive officer Leigh Travers as director.Mr Travers resigned as chief executive last month, but had intended to stay on as head of Binance’s Australian derivatives operations. Mr Travers did not respond to requests for comment on Thursday evening.
“This does not affect Binance’s continued commitment to the development of the local blockchain and digital assets industry and Australians can continue to enjoy the use of our spot exchange product.
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