Binance Australia has lost its financial services license following an investigation by the Australian Securities and Investments Commission (ASIC).
ASIC has been scrutinizing Binance after the exchange misclassified retail and wholesale clients, allowing retail clients to purchase risky products intended for wholesale clients only.
ASIC had been considering suspending or canceling Binance’s Australian Financial Services (AFS) license since March 29.
Binance will have until April 21 to close all derivative positions, and Australian clients must unwind their derivative investments immediately.
This latest action from Australian authorities follows ongoing investigations into Binance by regulators in multiple countries, including the US, UK, and Japan.
