Australia's financial regulator has visited Binance offices as part of an ongoing probe into the company's defunct local derivatives business.
On Tuesday, officials from the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia's offices, Bloomberg reported, citing people familiar with the matter.
The investigation revolves around Binance Australia's classification of clients as retail or wholesale investors.
Back in April, the world's largest cryptocurrency exchange announced the closure of its local derivatives exchange, claiming that it had incorrectly classified some Australian users as wholesale investors.
A spokesperson for ASIC told Bloomberg that they "are unable to confirm or deny any operational detail such as possible searches,” but confirmed that their review of Binance Australia is still ongoing.
Meanwhile, Binance has said it is working with regulators in the country, emphasizing its dedication to meeting regulatory standards.
"We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner," a Binance spokesperson told Cryptonews.com.
In May, cryptocurrency exchange Binance Australia told customers they would lose access to Australian dollar deposits and withdrawals due to a decision by its third-party service provider.
While the platform did not disclose the third-party service provider, reports claimed that Westpac, one of the biggest Australian banks, was the platform.
In a separate announcement, Westpac also revealed that it had banned customers from transferring funds to several crypto exchanges.
Moreover, Australia’s Commonwealth Bank (CBA) has applied
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