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- The ASIC is looking into Binance’s business practices and compliance.
- Trading Bots will no longer be available for the announced spot trading pairs.
The biggest cryptocurrency exchange, Binance, has stated that it would no longer support certain trading pairings, which mostly include the Australian Dollar (AUD). This comes at a time when the exchange is experiencing difficulties with local regulators. The ASIC is looking into Binance’s business practices and whether or not they comply with Australian law.
They announced the removal and suspension of trading for various spot trading pairs in a post titled “Notice of Removal of Trading Pairs,” which included precise dates and hours for the removal and suspension of trading.
Ongoing Tussle Over Compliance
However, Binance assured its customers that they may still trade the impacted assets using other accessible trading pairs. As of the specified times and dates, the exchange has also stated that Trading Bots will no longer be available for the announced spot trading pairs.
In light of the regulatory hurdles it confronts in Australia, Binance has decided to phase down AUD trading pairs beginning on May 26, 2023.
Oztures Trading Pty Ltd, doing business as Binance Australia Derivatives, asked the Australian Securities and Investments Commission (ASIC) to revoke the company’s financial services license. Some retail investors were incorrectly labeled as wholesale investors, prompting ASIC to launch a “targeted review” of the exchange.
Last week, Binance abruptly stopped supporting the Australian currency (AUD). Following “recent engagement with ASIC,” Exchange said in a statement that it will be taking a “more focused approach” in Australia.
In addition to the Australian investigation, the exchange is being investigated or sued by the United States Commodities Futures Trading Commission (CFTC) and other regulatory bodies in several nations.
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