{"id":19549,"date":"2023-04-06T09:58:23","date_gmt":"2023-04-06T09:58:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-australias-derivatives-license-cancelled\/"},"modified":"2023-04-06T09:58:23","modified_gmt":"2023-04-06T09:58:23","slug":"binance-australias-derivatives-license-cancelled","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-australias-derivatives-license-cancelled\/","title":{"rendered":"Binance Australia&#8217;s derivatives license cancelled"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1680770224666-b20b0c9d-fcbf-4d21-a376-ef33bef0f617-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1680770224666-b20b0c9d-fcbf-4d21-a376-ef33bef0f617-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1680770224666-b20b0c9d-fcbf-4d21-a376-ef33bef0f617-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1680770224666-b20b0c9d-fcbf-4d21-a376-ef33bef0f617-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The ASIC has been conducting a targeted review of Binance\u2019s businesses in Australia.<\/li>\n<li>Binance Australia is an arm of Binance.<\/li>\n<li>Australian users will no longer be able to trade derivatives on Binance.<\/li>\n<\/ul>\n<p>The Australian Securities and Investments Commission (ASIC) on Thursday issued a press release announcing the cancellation of Binance Australia\u2019s derivatives license.<\/p>\n<p>Binance Australia is an arm of the world\u2019s largest cryptocurrency exchange by trading volume <a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\">Binance<\/a>.<\/p>\n<h2>Targeted review of Binance<\/h2>\n<p>The ASIC issued a notice of hearing on March 29 to consider whether the AFS license should be cancelled or suspended.<\/p>\n<p>The press release by ASIC states that it:<\/p>\n<p><em>\u201chas been conducting a targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients.\u201d<\/em><\/p>\n<p>ASIC Chair Joe Longo said:<\/p>\n<p><em>\u201cIt is critically important that AFS licensees classify retail and wholesale clients in accordance with the law. 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\u2026 Our targeted review of these matters is ongoing, including focus on the extent of consumer harms.\u201d<\/em><\/p>\n<h2>Customers are to close positions by April 21<\/h2>\n<p>According to the ASIC press release, Australian users will no longer be able to increase derivatives positions or open new positions on Binance from April 14, 2023.<\/p>\n<p>The crypto exchange requested action asking their clients to close any existing derivatives positions before April 21. Any remaining open positions will be closed by the exchange.<\/p>\n<p>Binance Australia\u2019s derivatives trading license was held by Oztures Trading Pty Ltd.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/binance-australias-derivatives-license-cancelled\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The ASIC has been conducting a targeted review of Binance\u2019s businesses in Australia. Binance Australia is an arm of Binance. Australian users will no longer be able to trade derivatives on Binance. The Australian Securities and Investments Commission (ASIC) on Thursday issued a [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":19550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19549"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=19549"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/19550"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=19549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=19549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=19549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}