Australia’s financial crime regulator has ordered Binance’s local arm to appoint an external auditor after finding shortcomings in its anti-money laundering and counter-terrorism financing controls.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) said its review revealed weak management oversight, a shortage of local staff and limited independent scrutiny at the cryptocurrency exchange.
Binance said it accepted the decision, with regional head Matt Poblocki confirming the review. The company is already under pressure in Australia after a lawsuit last year over its derivatives business.