Binance Australia has been instructed to appoint an external accountant of the country’s laundering of money (AML) Regulator.
Australian transaction reports and analysis center (Austrac) said it has identified “serious concerns” with the Crypto Exchange’s AML and financing of terrorism (Ctf) Check.
Binance Australia has 28 days to nominate external auditors for Austrac’s consideration.
Austrac said it has marked the concerns about Binance’s AML/CTF management based on its high staff turnover and a lack of local resource and senior manager supervision.
“We have engaged openly and transparently with Austrac for the past several months and continue to appreciate their guidance, expertise and supervision,” said Matt Poblocki, General Manager of Binance Australia and New Zealand, according to a Bloomberg report. “We are still obliged to maintain the best standards of observance standards and will continuously improve our capabilities.”
Binance did not immediately respond to Coindesk’s request for further comment.
Binance Empire has had a difficult relationship with the supervisory authorities over the years. A number of regulatory bodies issued warnings about the permission of the exchange (or lack of it) to operate in 2021. This came to the head in 2024, when founder Changpen “CZ” Zhao was sentenced to four months in US federal prison after pleading guilty of violating the laws of money laundering.
Austrac has tried to take a proactive approach to its oversight of the digital asset industry in recent months, recently adopted a number of measures on Crypto ATM providers over concern for their alleged use in fraud.
