Binance Australia office searched by regulator

Binance, the world’s largest cryptocurrency exchange, is once again under regulatory scrutiny. The Australian securities regulator (ASIC), recently conducted a search of Binance Australia’s offices as part of an investigation into its closed derivatives business. Sources cited by Bloomberg News reported the search taking place on Tuesday.

A spokesperson for Binance stated that the company is cooperating with local authorities and focused on meeting local regulatory standards. However, they did not confirm the reported search.

In April, Binance made headlines by closing its Australian derivatives business and surrendering its financial services license due to an ASIC probe. The investigation, confirmed by ASIC in February, revolves around the alleged misclassification of retail investors as wholesale, resulting in differing levels of regulatory protection.

Binance is facing legal challenges and regulatory scrutiny in various jurisdictions worldwide. Notably, in March, the U.S. Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance and its founder, Changpeng Zhao, alleging the operation of an “illegal” exchange.