🇦🇺 AUSTRAC demands external audit of Binance Australia due to weaknesses in AML/CTF controls
The Australian financial crime agency, AUSTRAC, has ordered the local subsidiary of Binance —Investbybit Pty Ltd— to appoint an external auditor within a maximum of 28 days, due to "concerns about the effectiveness and limited scope" of its anti-money laundering and counter-terrorism financing mechanisms.
Authorities pointed out issues such as high staff turnover, weak local oversight, and a recent independent report that was lacking in scope. Binance has responded that this is a supervisory measure, not a sanction, and reaffirmed its commitment to the highest regulatory standards.
Why it matters:
It reflects the growing global regulatory scrutiny on cryptocurrencies.
It highlights the need for robust controls tailored to each jurisdiction.
It reinforces how transparency and local compliance are fundamental for global exchanges like Binance.