Altcoins News
By James Thorp
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The Australian Transaction Reports and Analysis Centre (AUSTRAC) has instructed Binance Australia to appoint an external auditor after identifying serious deficiencies in the…
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AUSTRAC’s decision, announced Friday, follows a review of Binance Australia’s operations that highlighted gaps in local governance, senior management oversight, and staff…
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Brendan Thomas, AUSTRAC’s CEO, emphasized that digital currencies remain increasingly vulnerable to criminal abuse.
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Binance Australia’s General Manager, Matt Poblocki, acknowledged the regulator’s decision, describing the audit as a supervisory review measure rather than an enforcement action.
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Regulatory Scrutiny on Binance in Australia
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This is not the first regulatory challenge for Binance in the country. In 2024, the Australian Securities and Investments Commission (ASIC) took legal action against Binance…
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In 2023, Binance also faced significant operational hurdles after its local payment partner, Zepto, was instructed to stop supporting the exchange.
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The audit request comes amid concerns about Binance’s internal structure and high staff turnover, which regulators say may compromise effective AML/CTF oversight.
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AUSTRAC’s move reflects growing international scrutiny over cryptocurrency platforms and their role in financial crime prevention.
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Australian Regulator Orders Audit of Binance Over AML and CTF Shortcomings
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AUSTRAC’s announcement, made on Friday, highlighted the need for a robust review of Binance Australia’s internal operations.
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Brendan Thomas, AUSTRAC’s CEO, noted that the findings reflect the vulnerabilities of digital currencies to criminal exploitation.
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Matt Poblocki, General Manager for Binance Australia and New Zealand, acknowledged the regulator’s decision, stating that the appointment of an external auditor is part of…
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