Binance Australia is working with local authorities to meet compliance requirements amid reports the company’s offices were raided on July 4.

“We are working with local authorities and Binance is focused on meeting local regulatory standards to serve our users in Australia in a fully compliant manner,” a Binance Australia spokesperson told Cointelegraph.

The Australian Securities and Investments Commission (ASIC) raided Binance Australia’s offices on Tuesday, Bloomberg reported. The investigation was part of an ongoing investigation into the now-defunct Australian derivatives exchange Binance, the report said, citing anonymous people familiar with the matter.

A Binance representative would not confirm or deny to Cointelegraph whether the company’s offices were searched, or even whether the company was aware of the local investigation.

The news came a few months after ASIC has revoked the license of Binance Australia Derivatives in April 2023. The move followed a targeted review of Binance’s operations in the country, particularly the classification of the platform’s retail and wholesale clients.

Related: Australian banks say 40% of fraud “touches” cryptocurrencies as they defy restrictions

In response, Binance in Australia decided to take a “more targeted approach” and decided to end derivatives trading in the country. Binance still offers spot trading services in Australia.

Earlier, Australian regulators launched an investigation into Binance after the company suddenly closed some derivative positions February. The company cited compliance with investor classification and allegedly claimed it restricted users who did not meet the requirements to be wholesale investors.

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