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Regulation and Policy

Binance Australia Derivatives Exits Market Amidst Regulatory Concerns

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.

READ MORE: Crypto Security Leaders Unite to Tackle Industry Fraud

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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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