Binance announced it would be closing its derivatives business in Australia “following recent engagement with ASIC”, referring to the Australian Securities and Investments Commission. The subsequent day, Reuters reported that ASIC had withdrawn Binance’s financial services license at Binance’s request, related to an ongoing investigation into Binance. The investigation has been underway since at least February, and involves misclassification of some Binance retail customers as wholesale users. Though Binance has forfeited its license, the investigation is ongoing.Binance will continue to operate its spot exchange product in Australia, but customers will no longer be able to trade derivatives on the platform after April 21.