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CZ Clarifies ‘Misinformation’ About Binance Australia Derivatives License

Binance CEO CZ responded to confusion on cancelation of Binance Australia derivatives license by Australia Securities & Investment Commission.
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CZ Clarifies ‘Misinformation’ About Binance Australia Derivatives License

Claiming that it was only the derivatives license of Binance Australia that was canceled, the exchange’s CEO on Thursday offered an explanation to clear any confusion. Earlier, CoinGape reported that the Australia Securities & Investment Commission (ASIC) said it was canceling the Australian financial services (AFS) license held by Binance. However, CZ clarified that the Binance Australia Derivatives business is being closed but the spot exchange will continue to operate in the country.

Also Read: AI Chatbots Not Threat To Google Search: Sundar Pichai

Recently, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against the crypto exchange over regulatory violations in trading and derivatives related operations. The lawsuit came as a major shock to the crypto market recent times, especially because it is the world’s largest cryptocurrency exchange in terms of trading volumes.

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CZ Explains Binance Australia Status

The Binance CEO revealed that there were only 104 users in the company’s derivatives business, in what could be a clear indication for possible reason behind the move. CZ said it was only after the company requested to do so that the Australian regulators canceled the derivatives license.

“There are some misinformation (and confusion) about Binance Australia. Binance Australia requested to cancel the derivatives license yesterday. The platform had exactly 104 users as of yesterday. Binance Australia will CONTINUE to operate the spot exchange in AU.”

In the recent times, CZ had been encouraging crypto community to “ignore FUD.”

Also Read: Crypto Whales Move 214 Million XRP As Ripple Lawsuit Ruling Closes In

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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