Binance Has Australian Financial Services License Canceled By ASIC
“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law,” Longo said. “Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian financial complaints authority. Our targeted review of these matters is ongoing, including focus on the extent of consumer harms.”
From April 14, Binance clients will not be able to increase derivatives positions or open new positions. The exchange must close any remaining open positions by April 21. Binance can remain a member of the Australian financial complaints authority until April 8, 2024. “As we have said before, Asic supports a regulatory framework for crypto with a focus on consumer protection and market integrity. The final decision as to the regulatory settings is one for government,” Longo said. Binance has been operating in Australia for many years but its now cancelled AFSL was with Oztures Trading, a company it acquired last year.
Read more of this story at Slashdot.