The organizers say that Binance must tighten money laundering, the rules of terrorism

The besieged Crypto Binance company must emphasize compliance controls that cover money laundering and combating terrorism and add an independent auditor if it wants to continue doing business in Australia and organizers He said this week.

The Australian Transactions and Analysis Reports Center (Austac) imposes on the external giant encryption customers in its place within 28 days of its decision. The supervisory body said that the new rules aim to address “serious concerns” about its supervision of illegal activity, which Austra says is “limited in the scale for its size, commercial performances and risks.”

The organizer said that the recent internal review of Binance found the lack of supervision by the senior management within the Binance Australia, in addition to many employees’ rackets that led to a high rate of employee rotation, insufficient local resources, and the need for external monitoring.

As part of the decision, Austra will choose any independent auditor to install in Binance, although the company can provide a list of possible names.

Binance is familiar with organizational procedures

This is not the first time that Binance has intertwined with the organizers. Changing founder Zhao Admit He was fined $ 4.3 billion by the US Department of Justice for accusing money laundering, transporting unlicensed funds, and violations of sanctions.

The authorities said at the time that Penns had created the culture of companies that put a profit over consumer protection, which is what The most prominent in internal communications It was found during the company’s probe.

As one of the compliance employees wrote, “We need a banner,” is a lot of drug money laundering these days – Come to Binance we got a cake for you, “said the Ministry of Justice in its statement on the settlement.

Binance faces a difficult way in Australia

The encryption exchange also faces an increasingly increasingly organizational scene in Australia, which recently registered Binance Australia’s derivatives in a 2024 lawsuit.

This lawsuit was filed by the Australian Securities and Investment Committee (ASIC) and led to the loss of its derivative license in the country due to the shortcomings of risk management and its limited compliance (Asik).

Brendan Thomas, CEO of Austra, said in a statement, “The major global operators may appear in good resources and signed to meet the complex regulatory requirements, but if they do not understand laundering local funds and the risk of terrorist financing, they fail (in meeting their obligations towards consumers),” Austrac, CEO of Austra said in a statement.

Binance was also forced to stop trading services in the Australian dollar earlier this year because his payment provider, Zepto, ended his partnership. This was followed by a former clash with CUSCAL, a service provider that helped her provide banking services, Arrival To its platform.

Thomas said: “Understanding specific risks to criminality in the Australian context is very important to ensure their obligations in reporting here,” Thomas said.

What does Bennes say?

“We have publicly and transparently with Austra over the past few months and continue to evaluate their guidelines, experience and control,” Matt Publuki, General Manager of Binance Australia and New Zealand said in a statement. “We are still committed to maintaining the best compliance criteria in their class and will constantly enhance our capabilities.”