Binance Faces Big Trouble Down Under: Australia Wants an Audit!

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The Australian Transaction Reports and Analysis Centre (AUSTRAC), a name that sounds like it’s straight out of a spy movie, has ordered Binance, the crypto exchange that’s as famous for its controversies as it is for its crypto trades, to bring in an external auditor. Why? Well, AUSTRAC has some rather serious concerns about Binance’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) systems. Which, you know, is kind of a big deal when you’re dealing with digital currency and all its, shall we say, colorful characters.

In typical corporate fashion, Matt Poblocki, the general manager of Binance Australia and New Zealand (which sounds like a very fancy title), told CryptoMoon that Binance “acknowledges” AUSTRAC’s decision. And no, it’s not a punishment, just a “supervisory review measure.” That’s right, folks, it’s like getting a pop quiz on your finances but without the actual consequences. Or so they hope.

But AUSTRAC isn’t just worried about the crypto circus-oh no, they’ve got a list. They’ve flagged Binance’s high staff turnover, a lack of local resources, and, shocker, no senior management oversight. AUSTRAC CEO Brendan Thomas, in his best ‘we mean business’ voice, said that digital currencies are increasingly prone to “criminal abuse.” I guess that’s one way to put it.

Binance’s Troubles Down Under

Now, this isn’t Binance’s first rodeo with the Australian regulators. Oh no, in 2024, the Australian Securities and Investments Commission (ASIC) decided to throw some legal punches at Binance Australia Derivatives over, you guessed it, consumer protection failures. Because who doesn’t love a good lawsuit?

And let’s not forget the thrilling episode from the summer of 2023, when ASIC raided Binance Australia’s offices. Yes, a good old-fashioned office raid, all in the name of investigating Binance’s now-defunct Australian derivatives business. Of course, this all followed the lovely cancellation of Binance Australia Derivatives’ license, a move that came after regulators decided Binance had mistakenly classified some users as “wholesale clients.” Oops!

Binance’s Aussie Debacle: The Bank’s Closed!

In 2023, Binance got a taste of what it’s like to be treated like a pariah by the local banking system. After its payment provider, Zepto, was told to cut ties, Binance was forced to suspend Australian dollar services. Imagine getting a phone call from your bank saying, “Oh, by the way, you’re no longer welcome here,” and only giving you a day’s notice. I’m sure that went over well.

Now, Binance has a lovely workaround for its Aussie users-if you want to withdraw your funds, you can either buy the USDt (USDT) stablecoin or use the peer-to-peer trading services. The once-handy “Bank Transfer” option? Well, it’s now grayed out with a message saying “Channel Suspended.” So, no biggie, right? Just a minor inconvenience, unless you’re trying to get your hands on your hard-earned Aussie dollars.

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2025-08-22 14:01