Binance Australia has come under further regulatory scrutiny, with a particular focus on its former derivatives activities, as reported by Bloomberg on July 4.

Bloomberg reported that the Australian Securities and Investments Commission (ASIC), an integrated regulator for the country’s financial markets, searched various Binance Australia locations on the day of the report.

A spokesperson from Binance told CryptoSlate,

“We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner.”

The probe focuses on specific aspects of the company’s now-discontinued local derivatives business, including classifying retail and wholesale clients.

While refusing to confirm or deny specific searches, an ASIC spokesperson acknowledged the ongoing nature of the regulatory review of Binance Australia. Binance, for its part, emphasized its commitment to “cooperating with local authorities” and abiding by regulatory standards in a “fully compliant manner.”

Following a review by ASIC in April, Binance Australia had its derivatives license canceled and ceased offering derivatives trading services. Earlier in February, Binance Australia said it had closed the derivatives positions of certain Australian users mistakenly identified as wholesale investors.

The company separately lost the ability to process Australian dollar transfers through the country’s PayID network, as reported in May. Separate reports from Bloomberg suggest that access to the service was officially discontinued on June 1.

The company otherwise provides continued access to its crypto spot trading platform.

The probe into Binance Australia is part of a broader regulatory cloud hanging over the crypto giant. On June 5, the U.S. Securities and Exchange Commission (SEC) accused Binance and its founder Changpeng Zhao of mishandling customer funds, helping customers bypass international restrictions, and violating securities rules.

On June 16, it was reported that Binance France was under investigation by local authorities. French officials were investigating the alleged illegal provision of digital asset services and acts of aggravated money laundering.

These ongoing regulatory challenges facing Binance underscore the growing worldwide scrutiny of the crypto industry.

UPDATE 11.20 GMT: Added Binance response

The post Binance Australia searched in probe of former derivatives activities appeared first on CryptoSlate.

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