Searches were carried out at the offices of crypto

Searches were carried out at the offices of crypto exchange Binance in Australia

Several offices of crypto exchange Binance in Australia were raided on Tuesday in connection with an Australian Securities and Investments Commission (ASIC) investigation into possible violations of the law in derivatives transactions. informed Bloomberg resource citing their sources.

    Image source: Kanchanara/

Image source: Kanchanara/

From Australia to Europe to the US, regulators are tightening scrutiny over Binance’s activities, becoming a hindrance to its business. This also prompted some banking partners to pull out of Binance, limiting its customers’ ability to deposit and withdraw fiat money from their accounts.

This was admitted by Binance founder Changpeng Zhao “Outside Pressure” harmed the company. “Many of these things are beyond our control, but in the short term they are having a negative impact on our business” – he said on Twitter Spaces on Wednesday.

According to a report released on the same day by CCData, the platform’s global share of spot cryptocurrency trading has fallen for the fourth straight month, hitting a 10-month low of 42% in June. Binance’s share of the derivatives market has also declined.

Binance explained that “Works with local authorities” so what “focused on meeting local regulatory standards to serve users in full compliance in Australia.”

A spokesman for ASIC, which revoked Binance Australia’s derivatives license in April this year, said: “Cannot confirm or deny any operational details such as possible searches,” and added that the company’s review is ongoing.

Binance Australia customers have lost the ability to withdraw local currency funds from the platform after the local financial partner was uncooperative. As you know, starting September 25, the European partner of the crypto exchange Paysafe will no longer support bank transfers from euros to Binance accounts via the SEPA system. Paysafe has also stopped supporting British pound transactions on Binance.

In June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance for allegedly violating securities laws and misleading investors and regulators. In the same month, crypto exchange Binance was banned from providing services in Belgium and was also revealed to have been denied a license in the Netherlands.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment