Binance Australia Derivatives Hit With A$10M Fine Over Retail Client Misclassification

TLDR: Australia’s Federal Court ordered Binance Australia Derivatives to pay a A$10 million penalty for onboarding failures. Over 85% of Binance Australia’s users were wrongly classified as wholesale clients between 2022 and 2023. ASIC confirmed that 524 retail clients lost A$8.66 million in trading and paid A$3.89 million in fees. Binance compensated approximately A$13.1 million [...]

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