The Australian Securities and Investments Commission (ASIC), the country's financial regulator, has canceled the financial services license of crypto exchange Binance's derivatives business in Australia.
The agency said the cancellation was made in response to a request from Binance.
- As part of the cancellation, Binance will permanently shut down its Australian derivatives business.
- Binance's Australian clients will now be unable to increase derivatives positions or open new ones.
- Aussie users of the service will need to close their existing positions by April 21.
- The
spot trading platform operated by Binance Australia will not be
affected by the cancellation and will be open to access for users.
- Binance stated that it would pursue a more focused approach in Australia after winding down its derivatives services.
- The popular crypto exchange also said it has informed impacted users about the shutdown process.
- The cancellation of the license came shortly after the ASIC launched a targeted review of Binance in late February.
- The
investigation concerned Binance Australia Derivatives business'
classification of retail and wholesale clients in the country.
