The largest cryptocurrency exchange Binance has said that it will no longer support certain trading pairs, mostly involving the Australian Dollar (AUD). This comes at a time when the exchange is facing difficulties with local regulators. ASIC is investigating Binance’s business practices and whether they comply with Australian law.
They announced the removal and suspension of trading of several spot trading pairs in a post titled “Trading Pair Removal Notice”, which included the exact dates and times for the removal and suspension of trading.
Binance delists AUD pair amid regulatory pressure
However, Binance assured its customers that they can still trade the affected assets using other accessible trading pairs. As of the specified time and dates, the exchange has also stated that the trading bots will no longer be available for the announced spot trading pairs.
In light of regulatory constraints in Australia, Binance has decided to phase out AUD trading pairs from May 26, 2023.
Oztures Trading Pty Ltd, doing business as Binance Australia Derivatives, has applied to the Australian Securities and Investments Commission (ASIC) to revoke the company’s financial services license. Some retail investors were misled as wholesale investors, prompting ASIC to issue a “targeted review” of the exchange.
Last week, Binance suddenly stopped supporting the Australian coin (AUD). The exchange said in a statement it would take a “more focused approach” on Australia, following “recent engagement with ASIC”.
In addition to the Australian investigation, the exchange is under investigation or prosecution by the United States Commodity Futures Trading Commission (CFTC) and other regulatory bodies in various countries.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
