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A comment on Australia Orders Binance Audit After Flagging 'Serious Concerns'.

Re:Australia Orders Binance Audit After Flagging 'Serious Co... by langfo on Friday August 22, 2025 @02:24AM (#44981549)
I thought in Australia all we had to do was open a tobacco shop, put in a self loading cash ATM and off you go.
[ Parent | on HN ]
Re:Australia Orders Binance Audit After Flagging 'Serious Co... by defrost on Friday August 22, 2025 @02:34AM (#44981589)
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.
[ Parent | on HN ]