Binance’s regulatory hardship in Australia drags BNB price lower

Binance native token BNB fell to $241. Binance’s now-defunct local derivatives business is undergoing a probe led by Australia’s financial markets regulator. In April, Binance applied for cancellation of its derivatives business license and continued operations of the spot exchange.

The Australian financial regulator has searched Binance’s offices in the country, Bloomberg reported Wednesday citing anonymous sources, as the largest exchange in the crypto ecosystem faces increasing regulatory scrutiny in many of its markets.

Binance’s native token BNB traded at $241 at the time of writing, posting a 1.5% decline over the last 24 hours. Binance’s derivatives arm faces probe from Australian authorities.

The Australian Securities and Investments Commission (ASIC), the country’s financial regulator, searched Binance’s offices in relation to the ongoing probe of the exchange’s local derivatives business. The search was carried out on Tuesday, the report said.

An ASIC spokesperson said that the regulator’s review of Binance is ongoing and the exchange platform is cooperating with local authorities. Binance told Bloomberg that its platform meets regulatory standards and serves users in a fully compliant manner. The exchange’s woes do not end at the probe as there is currently no local currency withdrawal route for Binance’s Australian users.