Binance Australia’s offices have been raided by the nation’s finance regulator in an ongoing investigation into unlawful derivatives dealings — just weeks after the crypto exchange’s offices in France were raided as part of a money laundering probe.
The Australian Securities and Investments Commission (ASIC) searched Binance locations on Tuesday, according to Bloomberg. The outlet cited anonymous sources familiar with the matter, who chose to keep their identities concealed.
An ASIC spokesperson said it could neither confirm or deny the reports. Binance stated that it’s “fully cooperating” with local authorities.
The news comes after Binance Australia had its derivatives license revoked in April. According to ASIC, it’s investigating the “extent of consumer harms” caused by the crypto exchange to local users. ASIC is probing allegations of Binance incorrectly classifying retail and wholesale investors in its derivatives business.
Binance Australia’s fiat on-ramp services were shut in May; its off-ramp services were closed on June 1. Following the news, users exited their holdings en masse, which led to bitcoin trading at a 20% discount on the platform.
Binance’s European headquarters in France were raided on June 16. Authorities said that Binance engaged in aggravated money laundering and offered “illegal” digital asset services to local users.
In response, the crypto exchange said that the raids were routine visits. However, authorities reportedly seized evidence that is currently under review.