Australia Demands External Audit on Binance in Major Regulatory Crackdown

Regulators Down Under just dropped the hammer on crypto's biggest player.

THE AUDIT ULTIMATUM

Australian authorities aren't asking—they're demanding Binance open its books to third-party scrutiny. No more self-reported numbers, no more internal compliance checks. This move signals a brutal shift from gentle guidance to hard enforcement.

GLOBAL CRACKDOWN ACCELERATES

Watchdogs worldwide are coordinating like never before. Binance faces simultaneous pressure from US, EU, and now Australian regulators—all demanding transparency they've historically avoided. The 'ask forgiveness later' approach hits its expiration date.

THE COMPLIANCE RECKONING

External audits mean real accountability. No creative accounting, no fuzzy math—just cold, hard numbers exposed to daylight. Suddenly those 'operational efficiencies' don't look so efficient when independent auditors start asking questions.

Because nothing makes traditional finance folks happier than watching crypto giants get the same regulatory colonoscopy they've endured for decades—though with slightly less paperwork and marginally more interesting assets.

Global Regulatory Actions Against Binance

In May 2024, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Binance CAD$6 million (approximately $4.4 million USD) because it had not registered as a foreign money services business and had not reported large transactions of VIRTUAL currencies of CAD$10,000 or more.

In 2021, the Financial Conduct Authority (FCA) of the United Kingdom instructed Binance Markets Limited to cease all regulated activities because of its non-compliance with AML regulations.

In February 2024, a United States federal judge accepted a plea agreement in which Binance and its founder agreed to pay more than $4.3 billion in fines and restitution after the company and its founder pleaded guilty to violating anti-money laundering laws and breaking sanctions.

These international efforts demonstrate the growing regulation of cryptocurrency exchanges to enhance their AML/CTF controls and be in compliance with local regulations.

Also Read: Paxos Fined $48.5M by NYDFS Over Binance and AML Failures