The Australian regulator ASIC has canceled the Australian financial services license held by Oztures Trading Pty Ltd c/n/a as Binance Australia Derivatives (Binance). The move comes following a request from Binance on April 5. ASIC has been conducting a targeted review of Binance’s financial services business in Australia, including its classification of retail and wholesale clients. However, the targeted review will continue, says ASIC in its press release.
“Following recent engagement with ASIC, Binance has chosen to pursue a more focused approach in Australia by winding down the Binance Australia Derivatives business,” a Binance spokesperson said.
Binance Australia, an arm of the world’s largest crypto exchange, will close all its customers’ open derivatives positions by April 21. The platform had just 104 users, noted Binance CEO Changpeng Zhao (CZ) in a tweet. Binance‘s spot crypto exchange in Australia will continue to operate, he added.
