Big Blow To Binance; ASIC Scraps Binance Australia Derivatives AFS License
Crypto News: Australia Securities & Investment Commission (ASIC) on Thursday announced that it is canceling the Australian financial services (AFS) license held by Binance registered under the operating name of Oztures Trading Pty Ltd. This development comes when the world’s largest crypto exchange is facing legal complications from U.S. Commodity Futures Trading Commission (CFTC).
Also Read: Ripple Or US SEC, Who’s Winning Investment Contract Claim?
Binance To Stop Operating In AUS
ASIC stated the license cancellation comes into effect from today in a reply to a request filed by Binance. It added that after the cancellation, clients will not be able to increase derivatives positions or open new positions with crypto exchange Binance from 14 April 2023.
As per the Australian regulator, Binance needs close any existing derivative positions held by users before 21 April 2023. While, On 21 April 2023, the world’s largest crypto exchange will end all the remaining open positions.
It is important to note that the terms of the cancellation include a provision that calls off and has no effect on the requirement for Binance to pursue as a member of the Australian Financial Complaints Authority. It is ending on 8 April 2024. Read More Crypto News Here…
It added that the ASIC is conducting a “target review” of Binance’s financial services business in Australia. This includes its classification of retail and wholesale clients.
According to the authority, ASIC issued a notice of hearing under the Corporations Act 2001 on 29 March 2023. It was done to consider whether the regulator should cancel or suspend the AFS license held by Binance under the name of Oztures Trading Pty Ltd.
Also Read: Here’s Why Nearly 30 Ethereum Apps Are Coming Together To Launch A DeFi Solution
Binance spokesperson in an email conveyed that
Following recent engagement with ASIC, Binance has chosen to pursue a more focused approach in Australia by winding down the Binance Australia Derivatives business. This does not affect Binance’s continued commitment to the development of the local blockchain and digital assets industry and Australians can continue to enjoy the use of our spot exchange product.
There are a small number of remaining users on Binance Australia Derivatives, approximately 100, and we have reached out to notify them of the winding down process.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
