Overview

• The Australian financial intelligence agency mandated an external audit of Binance Australia’s operations under its supervision, with the firm allowed to propose candidates.
• AUSTRAC cited “serious concerns,” saying Binance’s oversight was too limited for its size, business offerings, and risk profile.
• Recent internal findings highlighted weak senior management oversight, high staff turnover, and insufficient local resourcing.
• Binance Australia said it has engaged transparently with AUSTRAC and pledged to strengthen its compliance standards.
• The order follows earlier setbacks including the loss of a local derivatives license after ASIC action, disrupted AUD services after Zepto and Cuscal withdrawals, and a 2023 U.S. DOJ penalty against Binance’s founder.