This is heartbroken for any Binance exchange fan. I am not sure why this is happening but you will read 3 out of 5 news about Binance and all of them lead to the negative side of the whole story. As we know Binance which is the world's largest crypto exchanger and has a global presence, got its warning warfare from the USA regulator. The CEO is already under the radar of the USA Jury and they have pointed out some serious accounting books and securities issues.
That is still unsettled and here we are again with the Australian regulators bombarding Binance with another stressful scenario by literally canceling the Derivatives license to operate in Australia.
Australian Binance has 1 million users who have operational accounts. However, ASIC, that is Australian Securities and Investment Commission has asked Binance Australia to halt all the operations of the Derivatives Exchange and close all orders before April 21.
Binance Australia's Derivatives License Cancelled by Regulator
Oh man, what a total bummer, bro. Binance Australia just got sucker punched again - their Derivatives license got canned by the ASIC. That's gotta be a real gut punch for the Aussie users who have Binance accounts, man. They gotta shut down all their orders by April 21st. And like, why is it that Binance is getting slammed with all this negative press? They got a warning from the US regulator and their CEO's under the spotlight of the USA Jury. It makes you wonder if there's something fishy going on here, you know? I mean, Binance is like the biggest crypto exchange in the world by trade volume, so it's like a pretty big deal.That is still unsettled and here we are again with the Australian regulators bombarding Binance with another stressful scenario by literally canceling the Derivatives license to operate in Australia.
Australian Binance has 1 million users who have operational accounts. However, ASIC, that is Australian Securities and Investment Commission has asked Binance Australia to halt all the operations of the Derivatives Exchange and close all orders before April 21.
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ASIC has been conducting a targeted review of Binance's businesses, the press release said.
The Australian Securities and Investments Commission (ASIC) has cancelled Binance Australia's derivatives license, according to a press release on Thursday.
Binance Australia, an arm of the world's largest crypto exchange by trade volume, has been ordered by the regulator to close all client's open derivatives positions by April 21.
ASIC has been conducting a targeted review of Binance's businesses, the press release said.
“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 said.
Longo added that ASIC supports a regulatory framework for crypto in Australia, insisting that the final decision lies with the government.
Binance found itself in hot water with regulators last week, with the U.S. Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange over allegedly operating derivatives products in America.
In a statement, Binance Australia said that it was "winding down" its derivatives product to "pursue a more focused approach." Former Binance Australia CEO Leigh Travers, who stepped down from his role on March 10, said in December that the exchange had over one million users in an interview with the Sydney Morning Herald.
The Australian Securities and Investments Commission (ASIC) has cancelled Binance Australia's derivatives license, according to a press release on Thursday.
Binance Australia, an arm of the world's largest crypto exchange by trade volume, has been ordered by the regulator to close all client's open derivatives positions by April 21.
ASIC has been conducting a targeted review of Binance's businesses, the press release said.
“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 said.
Longo added that ASIC supports a regulatory framework for crypto in Australia, insisting that the final decision lies with the government.
Binance found itself in hot water with regulators last week, with the U.S. Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange over allegedly operating derivatives products in America.
In a statement, Binance Australia said that it was "winding down" its derivatives product to "pursue a more focused approach." Former Binance Australia CEO Leigh Travers, who stepped down from his role on March 10, said in December that the exchange had over one million users in an interview with the Sydney Morning Herald.
Binance Australia's Derivatives License Cancelled by Regulator
Sure, regulations are important in the crypto world, bro. We gotta keep things on the up and up and not let any shady stuff go down. But at the same time, we don't want to stifle the growth of this industry, you know what I'm saying? Crypto is the future, man, and the countries that get hip to the regulations will score major points. The regulators need to like take a chill pill and think about the big picture here.
