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News

Binance Australia’s Derivatives License Cancelled After April 21

April 6, 2023 - Around 2 mins mins to read

Key Points:

  • Binance Australia Derivatives’ Australian financial services license was terminated today by ASIC.
  • The license termination was carried out today in response to a cancellation request received from Binance yesterday.
  • ASIC is undertaking a targeted assessment of Binance’s operations.
The Australian regulator has ordered Binance Australia, an arm of the world’s biggest crypto exchange by transaction volume, to cancel all customer holdings by April 21.
Binance Australia's Derivatives License Cancelled After April 21

According to a news statement issued on Thursday, the Australian Securities and Investments Commission (ASIC) has revoked the Australian financial services license held by Oztures Trading Pty Ltd, business as Binance Australia Derivatives. ASIC has been conducting a focused investigation of Binance Australia’s activities, and customers will be unable to raise derivatives holdings or create new positions with Binance beginning 14 April 2023.

The termination provisions include a stipulation that the cancellation has no impact on Binance‘s need to remain a member of the Australian Financial Complaints Authority until the end of April 8, 2024.

According to ASIC Chair Joe Longo:

“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.”

image 364

Binance restarted selling futures, options, and leveraged tokens to Australian cryptocurrency dealers in July 2022. Binance Australia Derivatives, the local arm of the world’s biggest crypto ecosystem, has introduced over-the-counter (OTC) derivative products for wholesale clients under its Australian Financial Services Licence.

Binance ceased its derivatives trading business in Australia ten months ago due to rising regulatory pressure. The world’s largest crypto exchange by volume has also ceased issuing crypto derivatives products in Brazil and Hong Kong in order to stay ahead of authorities globally.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

ASIC

Australia

Binance Australia

Binance Australia Derivatives

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OTC

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Australia’s Derivatives License Cancelled After April 21

Key Points:

  • Binance Australia Derivatives’ Australian financial services license was terminated today by ASIC.
  • The license termination was carried out today in response to a cancellation request received from Binance yesterday.
  • ASIC is undertaking a targeted assessment of Binance’s operations.
The Australian regulator has ordered Binance Australia, an arm of the world’s biggest crypto exchange by transaction volume, to cancel all customer holdings by April 21.
Binance Australia's Derivatives License Cancelled After April 21

According to a news statement issued on Thursday, the Australian Securities and Investments Commission (ASIC) has revoked the Australian financial services license held by Oztures Trading Pty Ltd, business as Binance Australia Derivatives. ASIC has been conducting a focused investigation of Binance Australia’s activities, and customers will be unable to raise derivatives holdings or create new positions with Binance beginning 14 April 2023.

The termination provisions include a stipulation that the cancellation has no impact on Binance‘s need to remain a member of the Australian Financial Complaints Authority until the end of April 8, 2024.

According to ASIC Chair Joe Longo:

“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.”

image 364

Binance restarted selling futures, options, and leveraged tokens to Australian cryptocurrency dealers in July 2022. Binance Australia Derivatives, the local arm of the world’s biggest crypto ecosystem, has introduced over-the-counter (OTC) derivative products for wholesale clients under its Australian Financial Services Licence.

Binance ceased its derivatives trading business in Australia ten months ago due to rising regulatory pressure. The world’s largest crypto exchange by volume has also ceased issuing crypto derivatives products in Brazil and Hong Kong in order to stay ahead of authorities globally.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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