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Investing.com -- Australia’s financial crimes agency has ordered Binance Australia to appoint an external auditor after finding "serious concerns" with money laundering and terrorism financing controls at the cryptocurrency exchange.
The Australian Transaction (JO:NTUJ) Reports and Analysis Centre (Austrac) said Friday that its concerns were sparked by issues including Binance Australia’s latest independent review, which it described as "limited in scope relative to its size, business offerings and risks."
Austrac has given the company 28 days to nominate auditors, from which the agency will make a selection.
The regulator also highlighted concerns about high staff turnover along with a lack of local resourcing and senior management oversight at the Australian unit of Binance, the world’s largest crypto exchange by volume.
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