Binance Australia Faces Compliance Scrutiny: External Audit Mandated by AUSTRAC

Australia’s financial regulator, AUSTRAC, has ordered Binance Australia to appoint an external auditor within 28 days. This directive stems from serious concerns regarding the exchange’s compliance with anti-money laundering and counter-terrorism financing regulations. The audit will assess Binance Australia’s adherence to domestic AML/CTF protocols, impacting their operational strategies. While this action doesn’t result in immediate financial penalties or asset restrictions, it signals a heightened focus on regulatory compliance within the cryptocurrency exchange.