Australian Securities and Investments Commission has filed a lawsuit against Binance Australia Derivatives alleging failure to comply with consumer protections. Binance Australia derivatives exchange trading as Oztures Trading Pty Ltd misclassified over 500 clients as wholesale clients.
ASIC Files Lawsuit Against Binance Australia Derivatives
In a press release on December 18, the Australian regulator ASIC said it has sued Binance Australia Derivatives. The regulator alleges that the exchange offered crypto derivative products to 505 retail investors, misclassifying them as wholesale.
From July 7, 2022–April 21, 2023, Australian retail investors were denied critical consumer protections under Australian financial services laws. This represents 83% of its Australian client base.
ASIC claims that retail investors trading crypto derivative products need consumer protections, including disclosure statement and compliant dispute resolution scheme access. Also, the regulator highlighted t
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