Binance Banned in Australia

[MiliMil]

Have you guys seen this?

Binance has had its license cancelled in Australia.

"Regulator says Binance must cease trading by 21 April after it incorrectly classified hundreds of retail customers as wholesale investors".

Thoughts?

https://www.theguardian.com/business/2023/apr/06/crypto-exchange-binances-australian-financial-services-licence-cancelled-by-asic

[darkangel11]

"The Asic chair, Joe Longo, said the distinction was important because retail customers have access to more consumer protections under Australian law, including the right to dispute resolution.
Binance’s Australia’s financial services (AFS) licence only allows it to provide derivatives products to sophisticated investors, rather than retail customers."

So it looks like Binance was at fault and it wasn't some kind of attack on cryptocurrencies. They're talking about offering derivatives, which has to mean Binance futures.
On one hand I'd like all bitcoin businesses to succeed, but on the other hand in light of the recent news that CZ had trading accounts on his own exchange, I feel like people were getting scammed there.
It's easy to influence the price on your own exchange and future contracts appeal to wealthy investors who feel like not touching the asset makes it somehow safer.

[Dr.Bitcoin_Strange]

This topic is supposed to be under service discussion https://bitcointalk.org/index.php?board=85.0 and not on the Bitcoin discussion board. Upon your stay in the forum, I believe you must have been aware of how to move threads; if not, then check at the bottom left of this thread and you will see the move topic button.

[tabas]

Reading the article from CNBC: Australian regulator cancels Binance’s license at exchange’s own request
It's not that they've been banned but it's their own request to cancel their derivatives license because of some of their customers. To those that don't want to read the entire details, there's a key points and summary made by CNBC's author about this news. I guess by having it, this makes easier to understand the whole thing.

• Australia’s top financial regulator canceled Binance’s derivatives license at the exchange’s own request.
• The crypto exchange had been under review by the Australian Securities & Investment Commission since February, after the exchange acknowledged a “small number” of customers were trading at a higher level than permitted.
• The cancellation is the latest in a mounting series of regulatory probes around the world aimed at Binance.

[Husires]

Are there any cryptocurrency trading platforms licensed in Australia? Binance is unfortunately benefiting from its reputation in dominating the market, but with the increase in regulators accusing Binance of manipulating the futures market and the lack of an alternative, I expect that these allegations are relatively true.

Maybe they should hold off on futures contracts for a while.

[LeGaulois]

That's funny

So a couple of users were trading at a higher level than allowed... Binance knows it, does nothing, but then complaint  
What a bizarre world we live in

You trully believe Binance didn't know?

If the Australian Securities & Investment Commission wasn't watching at Binance, the company would have continued its methods outside of the australian regulations.
And now to avoid any problem, the company request to cancel the deritative licence. Just LOL.

Are there any cryptocurrency trading platforms licensed in Australia?

There are Coinstash, Swyftx, eToro, CoinSpot to name a few

[Little Mouse]

So a couple of users were trading at a higher level than allowed... Binance knows it, does nothing, but then complaint  
What a bizarre world we live in

You trully believe Binance didn't know?

It's impossible that Binance didn't know that. A few days/weeks ago, there was a report I read where it showed Binance was operating in China while China banned cryptocurrency trading. That was a rule in paper and pen. Binance helped a lot of users from China to access their trading platform. Interestingly, it was told by the report that a lot of Binance employees have helped many Chinese traders to by pass the KYC verification even. It's pretty confirmed that Binance knew all these and was allowing to make profit, that's what they need, rigth?
In Bangladesh, everyone is using Binance despite the fact that cryptocurrency is illegal in Bangladesh. They don't want to comply with local rules.

[joniboini]

Hmm, so they were trying to keep their image clean, more or less? Looks like this is the norm for Binance operations for overseas users. AFAIK, they also have no license to operate in Indonesia but still accept registration from Indonesian users. Their domain was banned, though ineffective since a DNS encryption or VPN can still bypass it.

That said, they tried to enter the market by investing/acquiring (not sure which term is the right one) one of the popular exchanges here. Most of the top executives seem to be related to Binance. So far it seems to work in their favor. It is interesting to see if their affiliated exchange here will survive if Binance gets into troubles like FTX. Hopefully, the money doesn't go overseas.

[stompix]

Out of pure curiosity, I visited CZ's Twitter page and I wasn't disappointed at all, not surprised to find the same pattern repeating again denials of any wrongdoing, accusations of FUD , a lot of mumbo jumbo and a wave of applause from his loyal followers praising him again for god knows what, the whole circus doing again a marvelous rerun of their best numbers. Not surprising to hear that Binance Australia never actually had a granted license but instead acquired a licensed company to run its operations through it, and yet, CZ claims to always follow the rules and dismisses anyone who points out the obvious as a "fudster."

It's not that they've been banned but it's their own request to cancel their derivatives license because of some of their customers.

Yeah right!
Just like a kidnapper is putting his gun down at his own will, not because there are 10 snipers having a clean shot at his forehead! 
The 100 number and the following part is coming from a spokesperson, they can claim whatever they want as they won't be facing legal troubles for a paragraph in an interview.

[Little Mouse]

Out of pure curiosity, I visited CZ's Twitter page and I wasn't disappointed at all, not surprised to find the same pattern repeating again denials of any wrongdoing, accusations of FUD , a lot of mumbo jumbo and a wave of applause from his loyal followers praising him again for god knows what, the whole circus doing again a marvelous rerun of their best numbers. Not surprising to hear that Binance Australia never actually had a granted license but instead acquired a licensed company to run its operations through it, and yet, CZ claims to always follow the rules and dismisses anyone who points out the obvious as a "fudster."

He considers everything negative toward Binance and him as FUD, have you noticed his pinned tweet? This is what is written-

4. Ignore FUD, fake news, attacks, etc.

He knew that these are coming lol so he posted this to convince his fans Since the beginning, there's no other shady work left by CZ tbh. I'm writing an article on summarizing all of these for a crypto blog I used to write. He pretends as a helping hand to the industry while doing all shady work behind the scene to get more money and power.

[Z-tight]

He pretends as a helping hand to the industry while doing all shady work behind the scene to get more money and power.

His pretense is working for him, binance has become too powerful and it will be better for the industry if all their shady work lands them into trouble with the necessary agencies. Hell, some of my friends who are are not crypto enthusiasts think that binance is a bank for BTC, they think BTC's growth can be attributed to binance, so many people have been deceived by CZ and maybe if binance bites the dust people would see what the reality is. With all the recent events of collapsed centralized firms, binance's loyal followers still believe they are too big to fail and their funds are SAFU, and so they easily store their funds there, crazy innit?