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Binance Australia’s offices were raided by ASIC for a derivatives investigation

The Australian Securities and Investments Commission (ASIC) is conducting a search of Binance Australia’s premises as part of an inquiry into the cryptocurrency exchange’s former derivatives business. This search brings Binance Australia under even closer scrutiny.

The Australian financial markets regulator conducted a search of the headquarters of Binance, the biggest cryptocurrency exchange in the world. According to anonymous individuals acquainted with the situation, the Australian Securities and Investments Commission (ASIC) searched various Binance Australia sites on July 4. Binance’s local derivatives operation was shut down in April when the ASIC revoked the exchange’s derivatives license, and the searches are connected to that ongoing investigation.

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.

Binance Australia spokesperson

In April, ASIC revoked Binance Australia’s license to operate its derivatives business. The local derivatives exchange will be shut down, but the exchange will keep its spot trading platform open.

Binance’s is suffering as a result of regulatory crackdowns in many regions, including Australia, Europe, and the United States. As a result of the increased monitoring, several of Binance’s banking partners have pulled out, making it more difficult for customers to deposit and withdraw fiat currency.

Binance CEO Changpeng ‘CZ’ Zhao said on Wednesday at a Twitter Spaces that “external pressure” has harmed the firm. “Many of those things are outside of our control, but they have negative impacts on our business in the short term,” he added. According to a study published by CCData on Wednesday, the platform’s share of global crypto spot trading declined for the fourth consecutive month in June, falling to a 10-month low of 42%. Binance also saw a decrease in its share of the derivatives market.

Speaking after ASIC terminated Binance Australia’s derivatives business licence in April, a representative for the regulatory body stated, “we are unable to confirm or deny any operational detail such as possible searches” and that an investigation against the company “is ongoing.”

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