Binance Australia Required to Appoint External Auditor by AUSTRAC
Binance Australia must appoint an external auditor as directed by the Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC has identified serious concerns regarding Binance's anti-money laundering (AML) and counter-terrorism financing (CTF) controls.
- Binance Australia has 28 days to select auditors for AUSTRAC's approval.
- Concerns include high staff turnover and insufficient local management oversight.
- Binance's general manager expressed commitment to maintaining compliance standards.
The exchange has faced ongoing regulatory scrutiny, including warnings about its operational authorization. In 2024, founder Changpeng Zhao was sentenced to four months in U.S. federal prison for money laundering violations.
AUSTRAC is enhancing its oversight of the digital asset sector, implementing measures against crypto ATM providers amid scam concerns.