Binance has reportedly had its office in Australia searched by local regulators. The Australian Securities and Investments Commission (ASIC) conducted the search as part of an ongoing review focused on Binance's derivatives operation and the classification of its clients. This regulatory action highlights the increased scrutiny faced by Binance from authorities around the world.
The search conducted by ASIC is part of a targeted review of Binance's financial services business in Australia, specifically examining the classification of retail and wholesale clients. In April, Binance had already disclosed that its derivatives license had been cancelled in Australia, and it had plans to wind down related operations.
In response to the search, a spokesperson for Binance Australia stated, "We are cooperating with local authorities, and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner."
This incident follows the recent accusation by the U.S. Securities and Exchange Commission (SEC) against Binance and its founder, Changpeng Zhao, alleging violations of securities rules. It demonstrates the continued regulatory scrutiny faced by the world's largest cryptocurrency exchange.
With regulatory action unfolding across different jurisdictions, it is evident that the blockchain industry is navigating a complex landscape of compliance and oversight.