Has the beleaguered crypto company created a corporate culture that puts profit above consumer protections?
Beleaguered crypto company Binance must tighten up its compliance controls covering anti-money laundering and counter-terrorism and add an independent auditor if it wants to keep doing business in Australia, regulators said this week.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is mandating the crypto giant put outside auditors in place within 28 days of its decision. The watchdog said that the new rules are intended to address “serious concerns” it has about its oversight of illegal activity, which AUSTRAC says is “limited in scope relative to its size, business offerings, and risks.”
The regulator said Binance’s most recent internal review found a lack of oversight by senior management within Binance Australia, as well as a lot of employee churn that has resulted in high staff turnover, inadequate local resources, and the need for an outside monitor.
As part of the decision, AUSTRAC will be the one to pick which independent auditor to install at Binance, though the company can provide the list of potential names.
