Australia Orders Binance Audit After Flagging 'serious Concerns'

Posted5 months agoActive5 months ago

petethomas

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bloomberg.comOtherstory

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BinanceRegulationAustralia

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Binance

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Australian regulators have ordered a financial audit of Binance, sparking concerns about the crypto exchange's operations, with commenters expressing skepticism about the country's regulatory environment.

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Discussion (2 comments)

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langfo

5 months ago

1 reply

I thought in Australia all we had to do was open a tobacco shop, put in a self loading cash ATM and off you go.

defrost

5 months ago

The lesson they should have learned from Commonwealth Bank is KYC, Know Your Criminals:

  “But if they don’t understand local money laundering and terrorism financing risks, they are failing to meet” obligations around such activities in Australia.

ComBank knew how to put a tray of ANZAC biscuits out, provide little tin MoneyBanks with a slot for the CrimJrs, and partner in FrequentFlyer points with QUANTAS.

According to the article Binance Australia seems under resourced for such things:

  Austrac also raised concerns about high staff turnover along with a lack of local resourcing and senior management oversight at the Australian unit of Binance, the world’s largest crypto exchange by volume.

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ID: 44981310Type: storyLast synced: 11/20/2025, 12:20:30 PM

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