Australia has ordered the local arm of the world’s largest cryptocurrency exchange, Binance, to appoint an external auditor after identifying “serious concerns” with its money laundering and terrorism financing controls.

The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, said Friday its concerns followed Binance Australia’s latest independent review which was “limited in scope relative to its size, business offerings and risks”.

AUSTRAC also flagged the company’s high staff turnover, lack of local resourcing and senior management oversight, the agency said in a statement.

“AUSTRAC has directed Binance Australia to appoint an external auditor after identifying serious concerns with the crypto exchange’s anti-money laundering and

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