The global regulatory landscape is tightening around Binance, the world’s leading cryptocurrency exchange. In a recent development, the Australian Securities and Investments Commission (ASIC) conducted searches at Binance’s Australian offices to focus on the company’s discontinued local derivatives operation, according to a report from Bloomberg citing a private source.

During a recent Twitter Spaces, Binance’s founder, Changpeng “CZ” Zhao, stated that these external pressures have had a detrimental short-term impact on the company’s operations. He emphasized that many of these issues are beyond the company’s control.

From multiple directions, Binance is facing regulatory scrutiny. The fallout has led to a withdrawal of support from banking partners in Europe and Australia, as well as other issues abroad.

Binance’s former payment provider for Australian dollar deposits, Cuscal, suspended its contract with Binance, saying that “Cuscal has, and will continue to, terminate any clients or their customers and/or merchants that do not meet our strict requirements.” Its PayID deposits have been suspended, with all other services functioning normally.

Furthermore, the exchange was forced to shutter its local derivatives exchange in April, with the spot trading still working. The Australian Securities and Investments Commission (ASIC) Chair, Joe Longo, told the Financial Review that, “While we note this latest development, I emphasise that ASIC will continue to monitor Binance’s operations, including the wind down of the derivatives business:”

“It is critically important that AFS [Australian financ

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Author: Emily Tonelli

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