ASIC has taken Binance Australia Derivatives to the federal court following the alleged mis-classification of retail investors to wholesale investors while investors were trading crypto derivative products.
The Australian Securities & Investments Commission (ASIC) has taken legal action against Oztures Trading Pty Ltd, which trades as Binance Australia Derivatives (Binance), after the crypto trading firm allegedly misclassified 505 retail clients, or 83% of its Australian client base, as wholesale clients. In an announcement on 18 December, the Australian financial watchdog contended that between July 2022 and April 2023, Binance failed to provide necessary information for consumer protec