Crypto News: Australia Securities & Investment Commission (ASIC) on Thursday announced that it is canceling the Australian financial services (AFS) license held by Binance registered under the operating name of Oztures Trading Pty Ltd. This development comes when the world’s largest crypto exchange is facing legal complications from U.S. Commodity Futures Trading Commission (CFTC).
ASIC stated the license cancellation comes into effect from today in a reply to a request filed by Binance. It added that after the cancellation, clients will not be able to increase derivatives positions or open new positions with crypto exchange Binance from 14 April 2023. Read More Crypto News Here…
As per the Australian regulator, Binance needs close any existing derivative positions held by users before 21 April 2023. While, On 21 April 2023, the world’s largest crypto exchange will end all the remaining open positions.
It is important to note that the terms of the cancellation include a provision that calls off and has no effect on the requirement for Binance to pursue as a member of the Australian Financial Complaints Authority. It is ending by 8 April 2024.
(THIS IS A DEVELOPING STORY)
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