The Australian Securities and Investments Commission (ASIC) has taken action against Oztures Trading, a provider of cryptocurrency derivatives under the Binance Australia Derivatives brand, by revoking its financial services license.
Following an audit by ASIC experts to ensure compliance with local corporation laws, the regulator decided to suspend Oztures Trading’s license for providing financial services (AFS).
As a result, Binance Australia customers will no longer be able to invest in derivatives or create new trading positions on Binance from April 14, 2023.
Additionally, existing derivatives positions must be closed by April 21, 2023, after which Binance will forcibly close any remaining open positions.
Despite the license revocation, Binance Australia will remain a member of the Australian Financial Complaints Authority until April 8, 2024.
This move comes after the US Commodity Futures Trading Commission (CFTC) filed a civil lawsuit against Binance Group for multiple violations of the Commodity Exchange Act (CEA) and CFTC rules in March.