Binance Australia Derivatives Exits Market Amidst Regulatory Concerns
Binance Australia Derivatives, operating under the name Oztures Trading Pty Ltd, has requested the cancellation of its derivatives license from the Australian Securities and Investments Commission (ASIC) on April 5.
As per a press statement released on April 6, ASIC has granted the request, and Binance is set to close all of its client positions by April 21.
ASIC has also clarified that the license cancellation will not impact Binance’s requirement to remain a member of the Australian Financial Complaints Authority until April 8, 2024.
The regulatory body had been reviewing Binance’s financial services business in Australia, focusing on the classification of retail and wholesale clients and consumer protections.
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Binance had previously closed the derivatives position of its Australian users in February, claiming compliance with local laws.
The exchange is also under scrutiny in the United States following a complaint filed against it by the Commodity Futures Trading Commission (CFTC) for alleged regulatory violations.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
