AUSTRAC has mandated Binance Australia to appoint an independent auditor within 28 days, citing serious concerns over its anti-money laundering and counter-terrorism financing systems. The order highlights issues such as high staff turnover, inadequate local management oversight, and insufficient independent review. This comes as part of AUSTRAC’s ongoing crackdown on crypto exchanges failing to meet local compliance standards. Binance Australia’s struggles also include previous misclassification of clients, and it is facing increasing scrutiny from both AUSTRAC and ASIC for governance failures.