Binance Australia’s Derivatives License Revoked by ASIC Following Investigation

The Australian Securities and Investments Commission (ASIC) canceled Binance Australia’s derivatives license on Thursday. By April 21st, Binance Australia will have closed all customer positions.

According to a press conference and a statement, the Australian Securities and Investments Commission (ASIC) canceled Binance Australia’s derivatives license on Thursday. By April 21st, Binance Australia will have closed all customer positions.

Users will no longer be allowed to raise derivatives positions or create new positions on Binance from April 14, requiring clients to liquidate any current derivatives positions by April 21. On that day, the exchange will close any outstanding open positions.

According to the news release, ASIC was thoroughly investigating Binance’s activities.

“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law. Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority,”

ASIC Chair Joe Longo

Longo added to say that ASIC supports a regulatory framework for crypto in Australia, insisting that the final decision lies with the government.

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