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.
Binance had previously closed the derivatives position of its Australian users in February, claiming compliance with local laws.