SYDNEY and NEW SOUTH WALES, Australia, July 21, 2022 /PRNewswire/ -- Binance Australia Derivatives has launched over-the-counter (OTC) derivative products, with crypto contract for differences (CFDs) now available for wholesale Australian customers under an Australian Financial Services Licence.
The launch of these financial products included a significant period of compliance and governance related processes and activities.
Led by the local Australian team, the operation to secure the licence was also supported by the global Binance business.
Binance Australia's commitment to working with local Australian regulators is strengthened by the news of obtaining this licence, having recently submitted a consultation paper to the Treasury providing recommendations on licensing and custody requirements for crypto exchanges.
Leigh Travers, Director of Binance Australia Derivatives said, "Launching crypto derivatives under an AFSL delivers on our core strategy of becoming a regulated institution in Australia. The Binance Australia Derivatives products will enable wholesale customers the opportunity to hedge their crypto portfolio as well as grow the total size of Australian crypto markets."
Changpeng Zhao, Chief Executive Officer of Binance added, "To attract the next billion crypto users, Binance is focused on building user trust through regulatory compliance, security, and strategic partnerships. The Australian crypto market is a unique opportunity due to the robustness of the financial services regime"
INTENDED FOR DISTRIBUTION TO WHOLESALE CLIENTS ONLY
Warning: Trading in derivative products involves the potential for profit as well as the risk of losing substantially more than your initial deposit or account balance. Also, you do not own or have any rights to the underlying assets - which includes digital currency and any rewards or yields generated from them.
If any information contained in this article constitutes advice, the provider of that advice is Binance Australia Derivatives, and it does not take into account your objectives, financial situation or needs. So, before using our products you should consider their appropriateness having regard to your own objectives, financial situation and needs, or obtain professional financial, legal and/or taxation advice.
About Binance Australia
A fully compliant and progressive Australian fintech brand, Binance Australia empowers customers and corporate institutions to access alternative, low-cost digital assets and products. Binance Australia is on a mission to make a positive impact on society by helping Australians achieve greater financial freedom and addressing important factors facing humanity.