In brief
- AUSTRAC has directed Binance Australia to nominate external auditors within 28 days after identifying “serious concerns” with anti-money laundering controls.
- The regulator flagged inadequate reviews, “high staff turnover,” and insufficient local management oversight at the platform.
- This action adds to a string of regulatory measures, including a $5.1 million fine for Kraken and warnings directed at Bitget.
Australia’s financial intelligence agency has ordered the Australian arm of the world’s largest crypto exchange to appoint an independent auditor, citing “serious concerns” in its crime prevention systems that allegedly leaves the platform vulnerable to illicit money flows.
AUSTRAC directed Investbybit Pty Ltd, Binance Global’s Australian arm, to undergo external scrutiny after identifying major gaps in the exchange’s anti-money laundering and counter-terrorism financing controls.
The latest AUSTRAC directive gives Binance Australia 28 days to nominate external auditors for regulatory approval.
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Author: Vismaya V
