Australia’s financial markets regulator searched Binance’s offices in an ongoing probe of the crypto exchange’s now-defunct local derivatives business, according to people familiar with the matter.
The Australian Securities and Investments Commission, the nation’s integrated corporate, markets, financial services and consumer credit regulator. As conducted searches at Binance Australia locations on Tuesday, the people said, asking not to identified discussing private information.
ASIC’s review of the derivatives operation thus includes Binance Australia’s classification of retail and wholesale clients.
The company said in April it would wind down the local derivatives exchange while keeping the spot platform open.
The firm previously said it had closed the derivatives positions of some Australian users because they incorrectly classed as wholesale investors.
A spokesperson for ASIC, which in April canceled Binance Australia ’s license for its derivatives operation, said. “We are unable to confirm or deny any operational detail such as possible searches” and thus added that the regulator’s review of the company “is ongoing.
Binance, the world’s largest crypto exchange, faces a web of probes around the globe. And has dropped by some payments providers wary of regulatory fallout. Its Australia platform has cut off from a key local currency withdrawal route.
Last month, authorities in France visited Binance there. French officials are investigating the alleged illegal provision of digital-asset services and acts of aggravated money laundering.
Binance has said it abides by all laws in France and in every other market where it operates.