The Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia locations on Tuesday. The investigation was part of an ongoing probe of Binance’s now-defunct Australian derivatives business, the report claims, citing anonymous people familiar with the matter.
Binance’s representative did not confirm or deny whether the company’s offices were searched or whether the company was aware of a local probe.
The news comes a few months after the ASIC canceled the license of Binance Australia Derivatives in April 2023. The move followed a targeted review of Binance’s operations in the country, particularly the platform’s classification of retail and wholesale clients.
In response, Binance chose to pursue a “more focused approach” in Australia, opting to shut down derivatives trading in the country. Binance still offers spot trading services in Australia.
Previously, Australian regulators launched an investigation into Binance after the company abruptly closed some derivatives positions in February. The company cited investor classification compliance, reportedly claiming it was restricting users that didn’t meet the requirements to be wholesale investors.
