TechFlow news, August 22 — Binance responded to earlier reports regarding "Australia's Transaction Reports and Analysis Centre (AUSTRAC) ordering an audit of Binance's local operations," stating: "Binance Australia fully understands and respects AUSTRAC’s decision to appoint an external auditor to independently review our anti-money laundering-related programs. This is one of its regulatory oversight measures, not an enforcement action. Over recent months, we have maintained open and transparent communication with AUSTRAC and highly value its professional guidance and supervision. Binance remains committed to upholding industry-leading compliance standards and continuously strengthening our capabilities.
Binance recognizes that responsible growth means prioritizing user safety above all else. To this end, we have dedicated over 1,200 employees to compliance, accounting for nearly 22% of our global workforce, and expect compliance expenditures to increase by 33% this year. We will further build and expand our local compliance and operational capabilities to ensure a robust governance framework. As the crypto industry continues to evolve, we will keep working hand-in-hand with regulators to uphold the highest industry standards."
