Australian Securities and Investments Commission (ASIC), the country’s financial services regulator, searched the local offices of Binance on Tuesday as part of an ongoing investigation of the exchange’s derivatives business, a Bloomberg report said.

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Fast facts

  • The regulator’s probe includes Binance Australia’s retail and wholesale clients, Bloomberg said in its report citing people familiar with the matter. 
  • In April, the ASIC canceled Binance Australia’s derivatives license a day after it received a cancellation request from the exchange. 
  • “We are winding down our local derivatives exchange to focus our efforts on our locally registered spot exchange,” Binance Australia said on Twitter on April 6.
  • Binance, the world’s biggest crypto exchange, faces a series of investigations globally. The U.S. SEC has filed a lawsuit against Binance.US, a crypto exchange set up by Binance chief Changpeng “CZ” Zhao to serve U.S. clients, for allegedly breaching securities laws. 
  • The SEC also named several altcoins as securities, including BNB, the native token of Binance, and therefore requiring appropriate registration. 
  • Binance’s French unit has also come under scrutiny after being accused of illegally operating in the country, despite the crypto exchange being registered as a digital asset service provider with France’s markets regulator since May 2022.

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