Binance Scraps ASIC Permit for AUS Derivative Exchange

We have recently learned that Binance, the world’s leading cryptocurrency exchange, has decided to scrap its Australian derivative exchange application. This decision came after the Australian Securities and Investment Commission (ASIC) denied to grant the necessary permit.

The news was reported by The Australian Financial Review on August 6. Binance was planning to setup a subsidiary in Australia for launching the derivative exchange with crypto-based products.

However, according to reports, ASIC was not convinced that Binance had sufficient systems and processes in place to ensure good management of customer funds.

As a result, it reportedly turned down the application. In response, Binance confirmed that it has abandoned its efforts to obtain an AFS license in Australia.

"At this stage we have not obtained an AFS license from ASIC and have made the decision to discontinue our application," said a spokesperson for Binance.

"We will continue to offer our Spot Trading services in Australia and remain committed to servicing the local community."