Binance Is Strictly Supervised By Regulators In Several Countries

Binance faced obstacles related to operating approval from a number of countries. (Photo; Doc. Coincodex)

JAKARTA - The world's largest crypto exchange giant, Binance, faces increasingly stringent regulatory challenges in various international jurisdictions. On Tuesday, the Australian Securities and Investment Commission (ASIC) conducted a search of the Binance office in Australia as part of an investigation into the company's derivative business.

The move comes after Australia's Binance license was lifted in April by the ASIC, which led to the closure of the derivative exchange, while its spot platform remains operational. At this time, the ASIC is investigating Binance's company division in Australia, particularly in terms of classification of retail and wholesale clients.

The investigation came after several user positions were closed due to misclassification as wholesale investors. Although there has been no official confirmation regarding the search, a spokesman for Binance Australia stated that the company is working closely with local authorities and is determined to comply with state regulatory standards and serve Australian users fully compliantly.

Not only in Australia, but Binance also faces regulatory challenges in other countries. French authorities recently raided Binance's subsidiary there to investigate allegations of providing illegal digital asset services and money laundering. However, Binance CEO Changpeng Zhao (CZ), denied the rumors and confirmed that the company had complied with all laws in France and other markets.

In the United States, Binance and its CEOs are also facing lawsuits from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). They are accused of mishandling customer funds, misleading investors and regulators, and violating securities rules. Despite being faced with the lawsuit, Binance plans to keep its platform with enthusiasm and facing the SEC claim.

Belgium is also one of the countries that poses challenges to Binance. The state's Financial Services and Market Authority ordered Binance to stop all exchange and custodial offers for violating local regulations and regulations. Binance's efforts to obtain a legal operating license in Belgium were also rejected because of its inability to comply with state regulatory standards.