Overview

• Australia’s financial intelligence agency directed Binance Australia to name an external auditor after finding serious deficiencies in anti-money-laundering and counter-terrorism financing controls.
• The directive follows an internal review that AUSTRAC said was too limited for the platform’s size, business offerings and risk profile.
• The agency flagged high staff turnover, insufficient local resourcing and limited senior management oversight as key concerns.
• Chief executive Brendan Thomas said AUSTRAC expects robust customer identification, thorough due diligence and effective transaction monitoring tailored to Australian requirements.
• Binance Australia’s regional head Matt Poblocki said the company has engaged openly with AUSTRAC and will enhance compliance, as the exchange continues to face global scrutiny following co-founder Changpeng Zhao’s 2023 U.S. guilty plea and 2024 sentence.