Binance Australia loses its derivatives license

After meeting with ASIC, Binance has stopped Binance Australia Derivatives to pursue a "more focused approach" in Australia.

Binance Australia loses its derivatives license
Binance Australia loses its derivatives license

The Australian Securities and Investments Commission (ASIC) has revoked Binance Australia Derivatives’ license after a review of the company’s activities in Australia.

“ASIC has now revoked the Australian financial services license held by Oztures Trading Pty Ltd, trading as Binance Australia Derivatives,” the official notification from the securities regulator read on April 6.

As of April 14, customers of Binance Australia Derivatives will no longer be able to increase their derivatives holdings or establish new positions on the platform due to the revocation of their licenses. Also, the business will ask customers to terminate any open derivatives contracts before April 21, as Binance is anticipated to cancel any remaining open positions on that day.

“The conditions of the cancellation provide that Binance must remain a member of the Australian Financial Complaints Authority until April 8, 2024,” according to the announcement.

The Australian securities regulator said that it has been undertaking a focused assessment of Binance’s financial services business in Australia, including its categorization of retail and wholesale customers.

Joe Longo, chairman of the Australian Securities and Investments Commission (ASIC), said that the examination concerned compliance with the categorization of retail and wholesale customers. The official 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.”

In the statement, ASIC mentioned that the worldwide Binance exchange and its CEO, Changpeng “CZ” Zhao, are now being sued by the Commodities Futures Trading Commission of the United States.

The regulator observed that several Binance Group firms have been subject to additional regulatory warnings and actions globally, pointing to several warnings and investigations started by global authorities in 2021.

Binance has decided to adopt a “more concentrated strategy” in Australia by stopping Binance Australia Derivatives after its recent discussion with ASIC. The spokesman highlighted that spot trading on Binance would continue to be accessible to Australian citizens, stating:

“Australians can continue to enjoy the use of our spot exchange product. There are a small number of remaining users on Binance Australia Derivatives, approximately 100, and we have reached out to notify them of the winding down process.”

The announcement comes after Binance Australia Derivatives abruptly notified its customers in late February that it was closing some derivatives positions and accounts.

According to reports, the company claimed investor categorization compliance as the reason for barring customers who did not match the qualifications to be wholesale investors. Thereafter, local authorities initiated an inquiry with the intent of conducting a “targeted evaluation” of Binance’s local derivatives business.


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