According to a report by CCData on Wednesday, the platform’s global share of crypto spot trading fell for the fourth straight month in June, hitting a 10-month low of 42%. Binance’s derivatives market share also fell.
ASIC’s derivatives business review includes Binance Australia’s classification of retail and wholesale customers.
The company announced in April that it would shut down the local futures exchange while keeping the spot platform open.
The company previously said it had closed some Australian users’ derivatives positions because they were incorrectly classified as large investors.
A spokesman for ASIC, which suspended Binance Australia’s derivatives business in April, said: “We are unable to confirm or deny operational details such as possible searches,” adding that the company’s review by the supervisory authority “is not yet complete”.
Binance said it is “working with local authorities” and “focused on meeting local regulatory standards to serve our users in Australia fully compliant.”
The company’s Australian platform was cut off from a key local currency withdrawal route after its local payments partner stopped supporting it.
European problems
In Europe, as of September 25, Paysafe will no longer support euro bank transfers to and from Binance via the Single Euro Payments Area network.
Paysafe has also dropped support for British pound transactions on Binance.
Last month, French authorities visited Binance there. French officials are investigating alleged illegal provision of digital asset services and serious money laundering cases. Binance has declared that it complies with all laws in France and in every other market in which it operates.
The U.S. Securities & Exchange Commission in June accused Binance and Zhao of mismanaging client funds, misleading investors and regulators, and violating securities regulations.
Binance called the SEC’s actions “disappointing” and said it intends to “vigorously” defend its platform. Zhao and Binance are also facing a lawsuit from the Commodity Futures Trading Commission.
Bloomberg
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