AUSTRAC Mandates Audit of Binance Australia Amid AML Compliance Worries

The Australian financial intelligence agency, AUSTRAC, has mandated an external audit of the Australian operations of Binance, the world’s largest cryptocurrency exchange, due to concerns regarding compliance with anti-money laundering (AML) and counter-terrorism financing laws. This action follows a period of increased scrutiny on Binance by financial regulators worldwide. The audit involves a thorough examination of Binance Australia’s programs and operations to determine whether they align with AML regulations. Non-compliance could lead to significant penalties. AUSTRAC has been at the forefront of efforts to regulate the cryptocurrency industry in Australia, and this move underscores its commitment to ensuring that companies operating in this space adhere to the law. Binance is already facing investigations in the United States on similar charges. This audit could lead to substantial changes in how Binance operates within Australia.