The Australian Securities and Investments Commission has canceled Binance Australia’s derivatives license, at the cryptocurrency exchange’s own request, according to an announcement today.

The action follows the regulatory body opening a “targeted review of Binance” in February. The exchange was ordered by ASIC to wind down its derivatives operations beginning April 14, when clients would not be able to open new positions and close any existing positions on April 21.

The regulator stated in its announcement that it has been conducting a review of Binance’s business in Australia, including its classification of retail and wholesale clients. “Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority,” said ASIC Chair Joe Longo.

Binance revealed in February that a “small number” of its Australian customers had been classified as “wholesale investors.” This is a trading classification meant only for experienced investors, which provides them access to advanced financial services, fewer guardrails and thus increased risk for their assets. The exchange said that about 500 users were affected.

Regulatory attention has been increasing on Binance’s business activity in recent months, alongside the crypto industry in general. Most recently the U.S. Commodity Futures Trading Commission, an agency responsible for regulating derivatives, sued Binance and its Chief Executive Officer Changpeng “CZ” Zhao, as well as former Chief Compliance Officer Samuel Lim for numerous alleged violations.

The U.S. Securities and Exchange Commission has also increased its scrutiny of crypto exchanges, with a recent warning sent to Coinbase Global Inc. that it might soon face charges involving the listing of tokens on its marketplace.

The ASIC noted that Binance has been subject to more regulatory scrutiny, not just from U.S. regulators. Other regulatory agencies included the U.K. Financial Conduct Authority, the Japan Financial Services Agency, the Netherlands Central Bank and the Ontario Securities Commission. “Binance group entities have been the subject of regulatory warnings and action from a number of overseas regulators,” the regulator said in its release.

In a statement, Binance Australia said it had “decided to pursue a more focused approach” by shutting down its derivatives business. It added that it’s notifying its customers of the process and would continue building on its locally registered spot exchange.

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