Binance, recognized as the world’s largest cryptocurrency exchange, is currently facing a growing number of regulatory issues in various global jurisdictions.

As reported by Bloomberg, the Australian Securities and Investments Commission (SO C) ran a search operation at the offices of Binance Australia. This operation is part of an ongoing investigation into the crypto giant’s now-shuttered local derivatives business, which highlights the increasingly intense regulatory scrutiny facing Binance.

ASIC, the authority that oversees corporate affairs, markets, financial services and consumer credit in Australia, has been rigorously scrutinizing Binance Australia’s ranking of retail and wholesale clients. In April, Binance revealed its plans to phase out its local derivatives exchange, but affirmed the continued operation of its spot platform. However, the same month saw the revocation of Binance Australia’s derivatives trading license.

Fast forward to May 18, 2023, Binance announced via Twitter that it would stop facilitating PayID AUD deposits, attributing the decision to its third-party payment service provider. The firm also indicated possible interruptions in bank transfer withdrawals.

Beyond Australia, Binance’s regulatory woes are expansive. On June 5, 2023, the US Securities and Exchange Commission (SEC) filed charges against Binance Holdings Ltd., its US subsidiary BAM Trading Services Inc., and founder Changpeng Zhao, citing multiple violations of privacy law. values. Following this, on June 17, Binance agreed to repatriate the held assets for the benefit of Binance.US clients as part of SEC-guaranteed emergency relief.

Binance’s regulatory hurdles also extend to Europe. On June 23, the Belgian Financial Services and Markets Authority (FSMA) ordered Binance to stop offering its cryptocurrency exchange and custodial wallet services in Belgium. Shortly after, on June 29, German financial regulator Bafin rejected a proposal from Binance, compounding regulatory challenges for the company.