Binance Australia Secures AFS License, Offers Wholesale Clients Crypto CFDS

​Binance Australia Derivatives has launched over-the-counter (OTC) derivative products, with crypto contract for differences (CFDs) now available for wholesale Australian customers under an Australian Financial Services Licence.

The launch of these financial products included a significant period of compliance and governance related processes and activities.

Led by the local Australian team, the operation to secure the licence was also supported by the global Binance business.

Binance Australia's commitment to working with local Australian regulators is strengthened by the news of obtaining this licence, having recently submitted a consultation paper to the Treasury providing recommendations on licensing and custody requirements for crypto exchanges.

Leigh Travers, Director of Binance Australia Derivatives said, "Launching crypto derivatives under an AFSL delivers on our core strategy of becoming a regulated institution in Australia. The Binance Australia Derivatives products will enable wholesale customers the opportunity to hedge their crypto portfolio as well as grow the total size of Australian crypto markets."

Changpeng Zhao, Chief Executive Officer of Binance added, "To attract the next billion crypto users, Binance is focused on building user trust through regulatory compliance, security, and strategic partnerships. The Australian crypto market is a unique opportunity due to the robustness of the financial services regime"

According to the press release, Binance Australia (ABN 98 621 652 579)  is a corporate authorised representative of Binance Australia Derivatives and may provide financial services on behalf of Binance Australia Derivatives. Besides, It should be noted that Binance Australia's crypto spot trading services do not constitute such a financial service. Derivative products are issued by Binance Australia Derivatives. They are complex, high-risk products and are only available to Wholesale Clients as defined in the Corporations Act 2001.

Most recently, Binance was fined €3.3m​ by Dutch Central Bank for operating without registration.

Source: PR Newswire