AFCA issues notice to Binance Australia Derivatives customers
Australian Financial Complaints Authority (AFCA) today issued a notice to clients of Binance Australia Derivatives.
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence held by Oztures Trading Pty Ltd, trading as Binance Australia Derivatives.
The licence cancellation was in response to a request from Binance.
Following the cancellation:
- with effect from 14 April 2023, clients were not be able to increase derivatives positions or open new positions with Binance;
- Binance required clients to close any existing derivative positions before 21 April;
- on 21 April, Binance was to close all open positions held by its clients.
The terms of the cancellation include a provision that Binance continues as a member of Australian Financial Complaints Authority (AFCA) until 8 April 2024. That means it will remain possible to lodge a complaint with AFCA in relation to Binance until AFCA cancels its membership.
If you have a complaint in relation to Binance, you should contact the firm first to have your complaint addressed through its internal dispute-handling process.
If Binance does not resolve the complaint to your satisfaction, or provide a response within 30 days, you can lodge a complaint with AFCA. AFCA will then consider whether it has jurisdiction to consider the complaint.