Australia’s financial intelligence agency, the Australian Transaction Reports and Analysis Centre, directed Binance Australia on 22 August to appoint an independent external auditor, citing “serious concerns” about the crypto exchange’s anti-money-laundering and counter-terrorism-financing systems. The platform has 28 days to nominate an auditor acceptable to the regulator. AUSTRAC said a recent internal review at Binance was too limited for a business of its size and risk profile, and highlighted high staff turnover, insufficient local resourcing and weak senior-management oversight. Chief Executive Brendan Thomas warned that global firms operating in high-risk sectors must tailor safeguards to Australian rules, adding that AUSTRAC expects “robust customer identification, due diligence and effective transaction monitoring.” Binance Australia & New Zealand General Manager Matt Poblocki said the company has been engaging “openly and transparently” with AUSTRAC and remains committed to “best-in-class compliance standards.” The enforcement action extends a string of regulatory setbacks for Binance’s parent group; founder Changpeng Zhao last year pleaded guilty in the United States to violating AML laws and served a four-month prison sentence.