Australian regulator AUSTRAC has ordered Binance to appoint an external auditor due to concerns over its AML and CTF systems. Binance Australia GM Matt Poblocki acknowledged the decision. CEO Brendan Thomas highlighted digital currencies’ vulnerability to criminal abuse. AUSTRAC raised concerns about staff turnover and lack of local oversight at Binance.

Binance has faced regulatory issues in Australia before, with ASIC taking legal action against Binance Australia Derivatives in 2024. ASIC previously searched Binance Australia’s offices and canceled their derivatives license. The cancellation followed concerns over account closures due to misclassification of users.

In 2023, Binance was forced to suspend Australian dollar fiat money services after its payment provider, Zepto, stopped supporting the exchange. Users are now advised to withdraw funds using USDt stablecoin or peer-to-peer trading. The “Bank Transfer” option is currently suspended on the platform.

Read more at Cointelegraph: Australian Regulator Orders Audit of Binance AML Systems