In the United States, the Securities and Exchange Commission (SEC) has been cracking down on cryptos in recent months suing two of the largest crypto exchanges in the world Binance and Coinbase.
Now it's Australia probably in a mood of cracking down on Binance. According to Coindesk, Australian officials directly sought out current and former employees of Binance's operation this week in Australia. The officials have demanded copies of internal communications and data from their devices, according to a person who is said to be familiar with the government's move against the leading crypto exchange Binance which was the most recent in a string of legal issues the corporation was dealing with.
Australian Securities and Investment Commission (ASIC) directly contacted the employees outside the company's offices this week in a coordinated effort according to the person, indicating that government watchdogs are moving in on yet another jurisdiction.
Reuters
Binance is facing legal headwinds in different parts of the world like the accusations by regulators in US, a French raid, license denial by the Netherlands, and then this recent probe in Australia.
Binance had operated for years without any serious regulatory intervention but the recent cases have put the exchange under some strain. Binance has seen a meaningful withdrawal of customers after the Securities and Exchange Commission targeted the exchange.
The leading exchange was also raided in Paris by the public prosecutor last month on suspicion of aggravated money laundering and providing services that are illegal. Binance withdrew from the Netherlands last month when it was not able to get a virtual asset service provider (VASP) license in the country.
Some reports have suggested that multiple senior key executives have exited the exchange. Changpeng Zhao tweeted that there's turnover at every company.
What the fate of Binance may be in the coming future, we don't know but these recent developments are pushing Binance onto its heels. I don't see it good for the crypto community as Binance is one of the leading crypto exchanges and any crackdown on the exchange might be hurting the crypto community as well in some way.
We don't if the allegations against Binance are right or wrong, and it is in the interest of the crypto community to share the right information with them if there are any outcomes of the investigations against Binance and if not, then there is no need of restricting the crypto community from accessing the exchange to get services.
What are your thoughts on the matter?
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