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Australian Securities Commission Cancels Binance Derivatives License

Australian

The Australian Securities & Investments Commission has canceled the financial services license held by Binance Australia Derivatives in response to a request from Binance yesterday.

The license granted Binance’s Oztures Trading Pty Ltd to issue and operate a market in derivative and foreign exchange contracts.

Following the cancellation, clients would not be able to expand or open new positions from April 14, 2023.

Binance requires customers to close derivative positions before April 21, 2023. Any positions that remain by that date will be closed by Binance.

The ASIC had previously probed Binance’s criteria for separating client types.

This is a developing story.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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