Binance confident in Australian compliance despite looming Europe ban
Reports suggest Binance could be rejected by EU regulators, but local CEO Richard Teng said he is “confident of our path” in Australia.
The world’s largest cryptocurrency exchange Binance could well be kicked out of European markets amid reports its operating licence application will be rejected. But CEO Richard Teng is confident this setback will not be mirrored in Australia.
As the company’s local subsidiary is put through an AUSTRAC-mandated external audit, Teng told Capital Brief it is “committed to work very closely with regulators to uphold the rule of law” and remains committed to and “confident of our path” in Australia.
He also said that “Australian regulators are very sophisticated regulators, they’ll look at what we have done [locally] on its own merits”, rather than reacting directly to the reported European development.
ASIC declined to comment. AUSTRAC did not respond in time for publication.
On Tuesday evening, Reuters reported that Binance was set to lose permission to operate in the European Union in July following objections from Greece’s market regulator.
