The Securities and Investments Authority revokes the license of “Binance” derivatives

She rose ASIC Australian Securities and Investments Commissionto revoke the derivatives license Binance Australia After a targeted review of the stock exchange operations in the country.

Also read: A new lawsuit against “Binance” due to the promotion of unregistered securities

Where the authority stated in an official announcement on the sixth of April:

“Cancelled ASIC Australian Securities and Investments Commission Today, the Australian financial services license held by the company Ozlies Tradingwhich trades as Binance Australia Derivatives

It is worth noting that derivative clients of Binance AustraliaAfter canceling the license, they will not be able to increase derivatives positions, or open new positions on the platform, as of April 14th.

The company will also require users to close any existing derivatives positions before April 21, as the statement said:

“The cancellation includes an essential condition, which is that it does not affect the continuation of the binance As a member of Australian Financial Complaints Authority until April 8, 2024.

Australia: Securities and Investments Commission revokes derivatives license

On the other hand, the Australian Securities and Investments Commission added that it is conducting a targeted review of the company’s financial services business binance in Australia, including its rating for retail and wholesale customers.

Where the head of the body said Joe Longothat the audit was related to compliance with the classification of retail and wholesale customers:

“Retail clients (trading cryptocurrency derivatives) are afforded important rights and protections under Australia’s financial services laws, including access to offshore dispute resolution through Australian Financial Complaints Authority

As reported by the Australian Authority, the Stock Exchange binance Global and its CEO Changpeng ZhaoThey are currently facing a lawsuit Commodity Futures Trading Commission in the United States.

Adding that many group companies binancehas been the subject of warnings and other regulatory action around the world, referring to a series of warnings and investigations launched by global regulators against binance in 2021.

Also read: “Binance” faces large withdrawals of Bitcoin and Ethereum

It is noteworthy that this news comes after it has been established Binance Australia Derivatives It sent snap notifications to its users in late February, saying it had begun closing certain derivatives positions and accounts.

Subsequently, local regulators also launched an investigation aimed at conducting a targeted review of the local derivatives operations in binance.

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