ASIC has today revoked the Australian financial services license of Oztures Trading Pty Ltd, trading under the name Binance Australia Derivatives (Binance).
With this blow to Binance’s Australian side, obstacles in derivative exchanges were addressed. The reply was sent today in response to the cancellation request from Binance, sharing information about the license cancellation. After the cancellation of the Financial Services License (AFS), it seems that there will be many changes in the Australian branch of Binance. After the obstacle placed in front of AFS, statements were shared about what changes will happen.
Consequences of AFS License Barrier Stated
After this blow to the Binance Australia side, an article was published about the differences in derivative exchanges. After the cancellation of AFS, effective from April 14, 2023, customers will not be able to exchange derivative positions or open new positions with Binance. Binance will require clients to close all existing derivatives positions before April 21, 2023. On April 21, 2023, Binance will close all remaining open positions.
The terms of the cancellation include a provision that the cancellation will have no impact on Binance’s requirement to continue as a member of the Australian Financial Complaints Authority until the end of April 8, 2024.
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