Binance Australia offices reportedly searched by local regulator

Binance said it was cooperating with Australian regulators to meet local regulatory requirements amid reports of office raids.

Binance Australia is working with local authorities to meet compliance requirements amid reports alleging company offices were raided on July 4.

“We cooperate with local authorities and Binance is focused on meeting local regulatory standards to serve our users in Australia in a fully compliant manner,” a Binance Australia spokesperson told Cointelegraph.

The Australian Securities and Investments Commission (ASIC) conducted a search of Binance Australia sites on Tuesday, Bloomberg reported. The probe was part of an ongoing investigation into the now-defunct Australian Binance spin-off activity, the report said, citing unnamed people familiar with the matter.

The Binance representative neither confirmed nor denied to Cointelegraph whether the company's offices had been searched or whether the company was aware of a local investigation.

The news comes months after ASIC revoked Binance Australia Derivatives' license in April 2023. The move follows a targeted review of Binance's operations in the country, specifically the classification of the client platform retail and wholesale.

Related: Australian banks say 40% of scams 'hit' crypto as they defend restrictions

In response, Binance opted to pursue a “more targeted approach” in Australia, opting to shut down derivatives trading in the country. Binance still offers spot trading services in Australia.

Previously, Australian regulators launched an investigation into Binance after the company suddenly