AUSTRAC flagged the concerns even in Binance’s latest independent review, which was limited in scope relative to its size, business offerings, and risks.
The exchange has 28 days to nominate external auditors.
Source: Binance
Australia’s financial crimes agency, AUSTRAC, has identified serious concerns about the local arm of Binance’s anti-money laundering and counter-terrorism financing (AML/CTF) controls and ordered the company to appoint an external auditor.
The exchange operator now has 28 days to nominate external auditors for the agency’s “consideration and selection.”
Binance Must Follow Local Regulations
The announcement today (Friday) stated that the agency’s concerns were prompted by several issues, including Binance’s latest independent review, which was limited in scope relative to its size, business offerings, and risks.
It also flagged concerns about Binance’s high staff turnover, lack of local resourcing, and weak senior management oversight. These factors raised questions about the adequacy of the company’s AML/CTF governance.
“Big global operators may appear well resourced and positioned to meet complex regulatory requirements,” said Brendan Thomas, AUSTRAC’s CEO, “but if they don’t understand local money laundering and terrorism financing risks, they are failing to meet their AML/CTF obligations in Australia.”
Binance is the largest crypto exchange globally in terms of trading volume. It operates in Australia under its local entity Investbybit, which is registered with AUSTRAC as a digital currency exchange provider.
“Businesses can have systems and processes that apply to multiple jurisdictions – but they need to reflect local regulatory requirements,” Thomas added. “The systems must adapt to the regulatory requirements, not the other way around.”
A Wake-Up Call for the Crypto Industry?
He further stressed, without naming Binance directly, that such companies must meet their local reporting obligations.
Richard Teng, CEO of Binance
The agency now expects Binance and other global operators in high-risk sectors involving large transaction volumes to have tighter controls.
“This is a global company operating across borders in a high-risk environment. We expect robust customer identification, due diligence, and effective transaction monitoring,” Thomas said.
“I remind all digital currency exchanges to remain alert to transactions that indicate suspicious behaviour, including money laundering via scams, cybercrime, and terrorism financing – the potential for these activities is much higher for global exchanges,” he added.
Binance’s operations in Australia have faced difficulties before. The Australian Securities and Investments Commission (ASIC) launched a lawsuit against the exchange’s local derivatives arm last year for allegedly misclassifying more than 500 retail investors as wholesale clients, thus denying them crucial consumer protections.
Australia’s financial crimes agency, AUSTRAC, has identified serious concerns about the local arm of Binance’s anti-money laundering and counter-terrorism financing (AML/CTF) controls and ordered the company to appoint an external auditor.
The exchange operator now has 28 days to nominate external auditors for the agency’s “consideration and selection.”
Binance Must Follow Local Regulations
The announcement today (Friday) stated that the agency’s concerns were prompted by several issues, including Binance’s latest independent review, which was limited in scope relative to its size, business offerings, and risks.
It also flagged concerns about Binance’s high staff turnover, lack of local resourcing, and weak senior management oversight. These factors raised questions about the adequacy of the company’s AML/CTF governance.
“Big global operators may appear well resourced and positioned to meet complex regulatory requirements,” said Brendan Thomas, AUSTRAC’s CEO, “but if they don’t understand local money laundering and terrorism financing risks, they are failing to meet their AML/CTF obligations in Australia.”
Binance is the largest crypto exchange globally in terms of trading volume. It operates in Australia under its local entity Investbybit, which is registered with AUSTRAC as a digital currency exchange provider.
“Businesses can have systems and processes that apply to multiple jurisdictions – but they need to reflect local regulatory requirements,” Thomas added. “The systems must adapt to the regulatory requirements, not the other way around.”
A Wake-Up Call for the Crypto Industry?
He further stressed, without naming Binance directly, that such companies must meet their local reporting obligations.
Richard Teng, CEO of Binance
The agency now expects Binance and other global operators in high-risk sectors involving large transaction volumes to have tighter controls.
“This is a global company operating across borders in a high-risk environment. We expect robust customer identification, due diligence, and effective transaction monitoring,” Thomas said.
“I remind all digital currency exchanges to remain alert to transactions that indicate suspicious behaviour, including money laundering via scams, cybercrime, and terrorism financing – the potential for these activities is much higher for global exchanges,” he added.
Binance’s operations in Australia have faced difficulties before. The Australian Securities and Investments Commission (ASIC) launched a lawsuit against the exchange’s local derivatives arm last year for allegedly misclassifying more than 500 retail investors as wholesale clients, thus denying them crucial consumer protections.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
Retail Traders Get Tokenized US IPO Allocations at Offer Price as Payward Expands xStocks
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This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
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-Insight into how timing, execution quality, and market structure shaped the final result
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-How crypto and blockchain can enable broader participation beyond traditional financial systems
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-How crypto and blockchain can enable broader participation beyond traditional financial systems
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-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
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-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
