Binance Trouble rises - Australian Regulator Cancels Derivatives License

[Flexystar]

This is heartbroken for any Binance exchange fan. I am not sure why this is happening but you will read 3 out of 5 news about Binance and all of them lead to the negative side of the whole story. As we know Binance which is the world's largest crypto exchanger and has a global presence, got its warning warfare from the USA regulator. The CEO is already under the radar of the USA Jury and they have pointed out some serious accounting books and securities issues.

That is still unsettled and here we are again with the Australian regulators bombarding Binance with another stressful scenario by literally canceling the Derivatives license to operate in Australia.

Australian Binance has 1 million users who have operational accounts. However, ASIC, that is Australian Securities and Investment Commission has asked Binance Australia to halt all the operations of the Derivatives Exchange and close all orders before April 21.

ASIC has been conducting a targeted review of Binance's businesses, the press release said.

The Australian Securities and Investments Commission (ASIC) has cancelled Binance Australia's derivatives license, according to a press release on Thursday.
Binance Australia, an arm of the world's largest crypto exchange by trade volume, has been ordered by the regulator to close all client's open derivatives positions by April 21.
ASIC has been conducting a targeted review of Binance's businesses, the press release said.

“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law. Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority," ASIC Chair Joe Longo said.
Longo added that ASIC supports a regulatory framework for crypto in Australia, insisting that the final decision lies with the government.
Binance found itself in hot water with regulators last week, with the U.S. Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange over allegedly operating derivatives products in America.

In a statement, Binance Australia said that it was "winding down" its derivatives product to "pursue a more focused approach." Former Binance Australia CEO Leigh Travers, who stepped down from his role on March 10, said in December that the exchange had over one million users in an interview with the Sydney Morning Herald.

Binance Australia's Derivatives License Cancelled by Regulator

[EarnOnVictor]

Thank you for this information, and I would like to say that Binance got what they deserve if the news is true. Many companies believe that they can do what they like and nothing will happen, but at times, it doesn't go well in the same clime. Australia is one of the countries I respect most in the world, and aside from that, ASIC is a strict regulator which I respect so much. It's my second after the US's CFTC, which is much more respected by me than the UK's FCA (based on my experience with how they deal with trading companies within their jurisdiction).

What the CFTC has unveiled in the Binance (US) might not be hidden from the Binance (AU), which might make them undeserving.

[woez]

Yes, Binance has faced some negative news and issues, such as warnings from US regulators and accounting and securities issues. The cancellation of its derivative license in Australia adds to an already tense situation. As ASIC has asked Binance Australia to cease all its derivatives exchange operations and close all orders before April 21, this will inevitably impact the 1 million users who have operational accounts in Australia.

In my opinion, While having concerns and doubts about Binance's practices is understandable, it is important to note that any regulatory action taken against them must be based on concrete evidence and legal process and each jurisdiction has its own regulatory framework, and any action taken by ASIC must be based in future investigation and evaluation.

[el kaka22]

Derivatives is not the only thing they are known for, they can continue with all the other stuff and that would be good enough for them to be fair. I personally use them for spot trading and considering how much that is done, they can still make profit from that.

Most nations have their kind of licenses, and all the companies in that nation gets that license and follow the rules. If Binance doesn't, then it shouldn't come off as a shock that we wouldn't really be able to see something like this in the long run, it is not going to end up with anything better if we give Binance chance to not get the license, they have to follow the rules just like everyone else.

[Fortify]

This is heartbroken for any Binance exchange fan. I am not sure why this is happening but you will read 3 out of 5 news about Binance and all of them lead to the negative side of the whole story. As we know Binance which is the world's largest crypto exchanger and has a global presence, got its warning warfare from the USA regulator. The CEO is already under the radar of the USA Jury and they have pointed out some serious accounting books and securities issues.

That is still unsettled and here we are again with the Australian regulators bombarding Binance with another stressful scenario by literally canceling the Derivatives license to operate in Australia.

Australian Binance has 1 million users who have operational accounts. However, ASIC, that is Australian Securities and Investment Commission has asked Binance Australia to halt all the operations of the Derivatives Exchange and close all orders before April 21.

You should not feel bad for the owners of Binance, they in most of these cases of interactions with regulators in places like the USA and UK are choosing to be obstructionist. They are making vast amounts of money from the services that they offer and regulators simply want access to more financials to make sure they are on a reasonable footing. Considering how fast exchanges have fallen over in the past it seems quite fair and reasonable to make these requests. They derive a large portion of their income from these countries but try to offer as little information as possible in comparison to regulated banking institutions which are their fair competitors at the end of the day.

[dothebeats]

Derivatives is just once facet of what Binance is. They are still mainly a cryptocurrency exchange, so if their license for that isn't revoked, they are still pretty much relevant and they wouldn't be that affected by whatever is happening on their other products. It may be a blow, yes, but not that hard of a blow to send Binance to the dust. Though I've noticed that they are receiving a lot of these attacks on them. Must be them not really paying attention to regulations and all that legal stuff.

[Die_empty]

That is still unsettled and here we are again with the Australian regulators bombarding Binance with another stressful scenario by literally canceling the Derivatives license to operate in Australia.

It was Binance that requested that the Australian Securities and Investments Commission (ASIC) should cancel it's derivatives. It was not the government authority that came up with idea to stop this service, except there is something they are not telling the public. The firm didn't give comprehensive reasons why they requested for this cancellation other than that it wants to pursue other important endeavors. Other services of Binance are still functional and effective in Australia. Reporting news accurately will to a large extent reduce FUD.

[concept2]

This is heartbroken for any Binance exchange fan. I am not sure why this is happening but you will read 3 out of 5 news about Binance and all of them lead to the negative side of the whole story. As we know Binance which is the world's largest crypto exchanger and has a global presence, got its warning warfare from the USA regulator. The CEO is already under the radar of the USA Jury and they have pointed out some serious accounting books and securities issues.

That is still unsettled and here we are again with the Australian regulators bombarding Binance with another stressful scenario by literally canceling the Derivatives license to operate in Australia.

Australian Binance has 1 million users who have operational accounts. However, ASIC, that is Australian Securities and Investment Commission has asked Binance Australia to halt all the operations of the Derivatives Exchange and close all orders before April 21.

ASIC has been conducting a targeted review of Binance's businesses, the press release said.

The Australian Securities and Investments Commission (ASIC) has cancelled Binance Australia's derivatives license, according to a press release on Thursday.
Binance Australia, an arm of the world's largest crypto exchange by trade volume, has been ordered by the regulator to close all client's open derivatives positions by April 21.
ASIC has been conducting a targeted review of Binance's businesses, the press release said.

“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law. Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority," ASIC Chair Joe Longo said.
Longo added that ASIC supports a regulatory framework for crypto in Australia, insisting that the final decision lies with the government.
Binance found itself in hot water with regulators last week, with the U.S. Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange over allegedly operating derivatives products in America.

In a statement, Binance Australia said that it was "winding down" its derivatives product to "pursue a more focused approach." Former Binance Australia CEO Leigh Travers, who stepped down from his role on March 10, said in December that the exchange had over one million users in an interview with the Sydney Morning Herald.

Binance Australia's Derivatives License Cancelled by Regulator

Oh man, what a total bummer, bro. Binance Australia just got sucker punched again - their Derivatives license got canned by the ASIC. That's gotta be a real gut punch for the Aussie users who have Binance accounts, man. They gotta shut down all their orders by April 21st. And like, why is it that Binance is getting slammed with all this negative press? They got a warning from the US regulator and their CEO's under the spotlight of the USA Jury. It makes you wonder if there's something fishy going on here, you know? I mean, Binance is like the biggest crypto exchange in the world by trade volume, so it's like a pretty big deal.

Sure, regulations are important in the crypto world, bro. We gotta keep things on the up and up and not let any shady stuff go down. But at the same time, we don't want to stifle the growth of this industry, you know what I'm saying? Crypto is the future, man, and the countries that get hip to the regulations will score major points. The regulators need to like take a chill pill and think about the big picture here.