ASIC Led Raid on Member Digital Currency Exchange – Statement
5 July 2023
Blockchain Australia acknowledges the recent ASIC raid on Binance Australia. ASIC, as the
regulatory body overseeing Australian companies, financial markets, financial service
providers, and the cryptocurrency sector, has been granted by the Parliament, a broad range
of information-gathering powers to uphold the law and ensure market integrity. We
appreciate and respect this mandate.
ASIC’s powers, executed with a ‘proper purpose,’ allow for compulsory information collection
through various channels, including formal investigations, document production, and
personal examinations. These powers are exercised reactively, in response to complaints or
industry intelligence, or proactively, to investigate industry practices and identify potential issues.
Simon Callaghan, CEO of Blockchain Australia said “In light of today’s raid across Binance
Australia premises, ASIC has exercised its right to apply for and obtain search warrants in
circumstances where it suspects contraventions of laws within its regulatory responsibilities.
Blockchain Australia members follow the law in adhering to enforcement requests, including
Given the discussions held only last week during Blockchain Week 2023, and our continuing
discussions with multiple government entities, we urge the need for legislation that enables
clear regulatory guidelines across cryptoassets.
I look forward to speaking with the Senate Economics Legislation Committee on the Digital
Assets (Market Regulation) Bill 2023 later this month, where the need for legislative clarity
will be emphasised.”
Blockchain Australia remains fully supportive of ASIC’s efforts to safeguard the integrity of
the financial and digital asset markets. We are committed to fostering a regulatory
environment that promotes transparency, compliance, and trust within the industry.
In light of the ongoing investigation, we urge our members and the public to respect the
process and cooperate where necessary.
For any enquiries, please contact Amy-Rose Goodey – [email protected]