04-06-2023 icon

Binance Australia Operation Permit Revoked by National Securities Watchdog

By Lucy Adegbe
Binance debit card

The Australian Securities and Investment Commission (ASIC) has revoked the permit of Binance Australia following recent scrutiny of the trading protocols services in the nation.

“The ASIC has today cancelled the Australian financial services license held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives”  the nation’s securities watchdog noted in a formal statement in the early hours of Thursday.

As a result of the revoked permit, Binance Australia Derivatives customers will no longer have the ability to expand recent positions utilizing the protocol from the 14th of April. The protocol will also demand that its customers shut down current derivatives positions before the 21st of this month, as Binance is anticipated to shut down any existing available position that day.

The terms of the license withdrawal added that the withdrawal does not, in any way, impact the need for Binance to go on as an associate of the Australian Monetary Complaints Authority till next year’s April, the statement noted.

According to the nation’s securities watchdog, the ASIC has been performing some focused assessment on the trading platform’s monetary operations in the region, comprising its category of retail and wholesale customers.

The watchdog also noted that the trading platform has been under global caution and scrutiny, citing Binance’s chair CZ’s current lawsuit issued by the US Commodities Futures Trading Commission.