ASIC Cancelled Binance Australia's Derivatives License

The Australian Securities and Investments Commission (ASIC) has cancelled Binance Australia's derivatives license. 

From April 14th, Binance Australia users will no longer be able to increase derivatives positions or open new positions on Binance, which will require clients to close any existing derivatives positions before April 21st. The exchange will close any remaining open positions on April 21st. 

The Australian regulator said it "has been conducting a targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients." ASIC issued a notice of hearing on March 29th to consider whether the AFS license should be revoked or suspended.

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