Binance Ordered to Audit AML Controls in Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has mandated an external audit of Binance’s Australian operations. The decision stems from serious concerns about the crypto exchange’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) systems, prompting Binance Australia to appoint an external auditor. AUSTRAC cited staff turnover, a lack of local expertise, and inadequate governance as contributing factors to these concerns.