🔍 Urgent Analysis: Binance Under New Pressure in Australia

The Australian financial regulatory authority AUSTRAC has issued an official order for Binance Australia to appoint an external auditor within 28 days.

✨ Why is this decision important?

Concerns about money laundering and terrorism financing: The authority believes that Binance's systems are insufficient to address the risks.

Weak local employment: Heavy reliance on global policies without adapting them to Australian laws.

Administrative shortcomings: Oversight from senior management of operations within Australia is inadequate.

📌 Binance's Response

They confirmed their readiness to cooperate with AUSTRAC.

They announced the strengthening of compliance teams in Australia and New Zealand.

⚠️ What is the potential impact?

Short term: Pressure on Binance's reputation in the Australian market.

Long term: Improvements in compliance systems could enhance the trust of global institutions.

However, if Binance fails to meet the demands, it may face fines or restrictions on its activities there.

#Binance @Cripto