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 positions by April 21.
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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.