Australia Targets Crypto Exchanges Trading Against Their Users

Australia is considering new restrictions on cryptocurrency exchanges trading against their own customers, as regulators prepare to bring digital asset platforms into the country’s financial services licensing framework. The Australian Securities and Investments Commission (ASIC) published Consultation Paper 392 on October 15 , proposing standards covering trading conduct, custody arrangements and financial resources. One proposal would prevent exchanges that match customer orders from trading for their own account through those platforms. The restriction would also extend to certain affiliated companies. However, the regulator is not seeking to eliminate every transaction in which an exchange becomes a customer’s counterparty.

Source: Crypto News Flash