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Binance Cryptocurrency Exchange Lost License in Australia

Binance Cryptocurrency Exchange Lost License in Australia

Another authority has taken tough action against Binance. CZ Group reportedly lost its derivatives trading license in Australia.
According to a press release from AFS, the body that regulates financial markets in Australia, Binance's derivatives trading license was revoked after the exchange received a statement to that effect yesterday.
The news, published today, will require the exchange and its customers to gradually close their positions. Beginning April 14, customers will not be able to increase their derivatives positions or open new ones.
All positions, which are already open, should also be closed by April 21. This decision apparently affects only Binance's business in Australia and only in the derivatives market.
The AFS press release mentions the recent CFTC lawsuit against Binance in the United States, although that lawsuit involves issues different from the Australian ones, including geographic and legal quid pro quo issues.
It is unclear what influence U.S. authorities had on their Australian counterparts, direct or indirect. All that is known at the moment is that Binance will not introduce tools to separate retail clients (i.e. individuals without any structure) from institutional clients and professional investors.
It is also unclear whether these complaints are coming from customers or are an initiative of the Australian regulator. So far, there has been no response from Binance.
Important Notice: The material provided is for informational purposes only and does not constitute investment advice. The Rao Cash editorial team is not responsible for your financial decisions. Cryptocurrency assets involve high risks — conduct your own research (DYOR).

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