Binance Australia Offices Searched by Regulatory Authorities as Part of Derivatives Probe: Report

Binance Australia offices were recently searched by regulatory authorities as a key part of a derivatives probe.

ASIC has reportedly visited the offices of Binance in Australia on Tuesday (July 4, 2023).

The digital asset exchange claims that it remains focused on complying with applicable rules/guidelines.

As reported by Bloomberg, Australia’s financial markets regulator has searched Binance’s local offices as part of an investigation of the crypto firm’s now-defunct derivatives unit. This, according to sources familiar with the issue.

The Australian Securities and Investments Commission, the country’s corporate, markets, financial services and consumer credit regulatory authority, performed searches at Binance Australia centers yesterday, the sources revealed, while requesting not to be named as they commenting on confidential matters.

Notably, Binance has really been struggling to maintain its global operations, as regulators throughout the world continue to scrutinize its questionable business activities.

As covered, Binance, which claims to be the largest crypto exchange that’s being sued by US regulators for a wide range of issues, has now had its European banking partner Paysafe Payment Solutions (NYSE: PSFE) reveal that it will stop offering its embedded wallet solution to the US-based virtual currency exchange. Services will be suspended across the European Economic Area (EEA) from Sept. 25, according to a report from Reuters.

Paysafe told the news outlet:

“Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months.”

Binance will reportedly be switching the service provider for euro deposits as well as withdrawals via the Single Euro Payments Area (SEPA), meanwhile, the present partner — Paysafe — will no longer be offering such services to Binance clients.

As reported, the FSMA has noted that Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are “not members of the European Economic Area.”

The FSMA has therefore ordered Binance “to cease, with immediate effect, offering or providing any and all such services in Belgium.”

Persons or firms governed by the law of a country that is “not a member of the European Economic Area are prohibited from offering or providing, within Belgium, by way of a professional activity – even if supplementary or ancillary – exchange services between virtual currencies and legal currencies or custody wallet services.”


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