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Binance requests ASIC to cancel its AFS licence

Binance requests ASIC to cancel its AFS licence

The Aussie regulator has been conducting a focused evaluation of Binance’s financial services business in Australia, focusing on the categorisation of retail and wholesale consumers. ASIC issued a hearing notification on 29 March to decide whether Oztures Trading Pty Ltd’s AFS licence should be revoked, suspended, or rescinded.

Joe Longo, ASIC Chair:

It is vital that AFS licensees properly classify wholesale and retail clients. The Australian Financial Complains Authority provides access to dispute resolution and important rights for retail clients who trade in crypto derivatives.

These matters are being reviewed in a targeted manner. We also pay attention to the extent of consumer harms.

ASIC reminded that on 27 March the Commodities Futures Trading Commission initiated a civil enforcement lawsuit against Binance and the Group’s CEO, Changpeng Zhao, for a a number of violations of the Commodity Exchange Act (CEA) and CFTC regulations.

LeapRate first published the post Binance requests ASIC cancel its AFS License

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