The Financial Post reports in its Thursday edition that Binance's offices in Australia were searched by the country's financial markets regulator as governments around the world turn up the heat on the biggest cryptocurrency exchange. A Bloomberg dispatch to the Post says that the Australian Securities and Investments Commission (ASIC) conducted searches at several Binance Australia locations on July 4. The action was part of an investigation into its now-defunct local derivatives business. Regulatory crackdowns on Binance from Australia to Europe and the United States and Canada are becoming a drag on its business. The heightened scrutiny has also prompted some banking partners to drop Binance, limiting clients' ability to deposit and withdraw fiat money on the exchange. At a Twitter Spaces on July 5, Binance's Canadian founder, Changpeng (CZ) Zhao, acknowledged that "external pressure" has hurt the company. The platform's global share of crypto spot trading fell for a fourth consecutive month in June. The U.S. Securities and Exchange Commission in June accused Binance and Mr. Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. Binance is fighting the charges.