Australia Orders Binance Audit After Flagging 'Serious Concerns'

The lesson they should have learned from Commonwealth Bank is KYC, Know Your Criminals:

  “But if they don’t understand local money laundering and terrorism financing risks, they are failing to meet” obligations around such activities in Australia. 

ComBank knew how to put a tray of ANZAC biscuits out, provide little tin MoneyBanks with a slot for the CrimJrs, and partner in FrequentFlyer points with QUANTAS.

According to the article Binance Australia seems under resourced for such things:

  Austrac also raised 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.