The Australian Securities and Investments Commission (ASIC) has decided to cancel the license of Binance Australia Derivatives, Binance’s derivatives trading platform in the country. This decision was made following a focused review of the exchange’s operations.
In its April 6 official release, the ASIC announced the revocation of the Australian financial services license held by Oztures Trading Pty Ltd, which trades under the name Binance Australia Derivatives. The decision was made after a careful evaluation of the activities carried out by the exchange in Australia.
Following the cancellation of the license, effective April 14, customers of Binance Australia Derivatives they will no longer have the ability to increase their derivatives positions or open new ones. Additionally, Binance will require its users to close all derivatives positions by April 21st. After this date, the exchange will automatically close all open positions.