The Australian Securities and Investments Commission (ASIC) canceled Binance Australia’s derivatives license on Thursday, a day after receiving a cancelation request from the exchange.See related article: Binance, Zhao sued by CFTC for alleged regulatory violationsFast factsASIC’s cancellation of Binance Australia’s derivatives license means the company can no longer offer its derivatives trading services in Australia.Binance Australia’s customers must close any existing derivative positions before 21 April 2023. After this date, the company will close any remaining open positions, the securities regulator said in a press release.The cancelation terms include a provision allowing Binance to remain a member of the Australian Financial Complaints Authority until April 2024.“We are winding down our local derivatives exchange to focus our efforts on our locally registered spot exchange,” Binance Australia said via Twitter.Binance Australia, operated by Oztures Trading Pty Ltd., has been providing services as a subsidiary of the global cryptocurrency exchange Binance, which has faced increasing regulatory scrutiny in several countries.ASIC has been reviewing Binance’s financial services business in Australia and recently issued a notice of potential cancellation for Oztures’ AFS license, according to the press release.In January 2022, there was a change in ownership of Oztures’ license, and in July 2022, the company started offering derivatives under the name Binance Australia Derivatives.Last week, the U.S. Commodity Futures Trading Commission sued Binance, the world’s largest crypto exchange, for allegedly violating of compliance rules.See related article: After Singapore, Binance pulls back from Australia under growing regulatory pressure