Australian regulator cancels Binance Australia Derivatives license

The Australian Securities and Investments Commission (ASIC) canceled the Binance Australia Derivatives license for financial services.

From 14 April, customers of Binance Australia Derivatives, owned by Oztures Trading Pty Ltd, will not be able to add or open new derivative positions on the platform.

Users of the exchange must close all affected trades by 21 April.

“The terms of the order do not affect Binance’s obligation to remain a member of the Australian Financial Complaints Authority until 8 April 2024,” the statement said.

The regulator is also reviewing Binance’s services regarding the classification of retail and institutional clients.

The commission noted that the exchange’s main unit and its CEO Changpeng Zhao were facing a lawsuit CFTC. The regulator also pointed to issues on the platform in other jurisdictions.

A Binance spokesperson told The Block that after talks with ASIC the company decided to shut down the derivatives trading unit.

Spot trading for Australian users will remain available.

Reuters reported in April that the largest bitcoin exchange began preparing to expand its business into Argentina.