Binance Under Scrutiny: Australia's Financial Watchdog Investigates Crypto Giant's Derivatives Business
Portfolio Pulse from Murtuza Merchant
Binance (CRYPTO: BNB) is under investigation by Australia's financial markets watchdog, the Australian Securities and Investments Commission (ASIC), over its now-closed local derivatives business. The investigation includes Binance Australia's categorization of retail and wholesale clients. Binance has faced a series of investigations worldwide and has been dropped by several payment providers due to regulatory concerns. Its Australian platform has lost access to a crucial local currency withdrawal route. Binance and its founder, Changpeng Zhao, have also been accused by the US Securities & Exchange Commission of mishandling customer funds, misleading investors and regulators, and violating securities rules.
July 05, 2023 | 1:55 pm
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Binance (CRYPTO: BNB) is under investigation by ASIC, which could potentially harm its reputation and user trust. The company has lost key payment providers and access to a crucial local currency withdrawal route in Australia, which could impact its operations and profitability.
The ongoing investigation by ASIC into Binance's closed local derivatives business could potentially harm the company's reputation and user trust. The loss of key payment providers and a crucial local currency withdrawal route in Australia could negatively impact Binance's operations and profitability. Furthermore, the company is facing a series of investigations worldwide, which could lead to further regulatory actions and potential fines.
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