Australian regulator sues Binance for exposing customers to risky trading

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 The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance, alleging the crypto exchange exposed retail investors to risky financial products without adequate protections. The regulator claims Binance misclassified over 500 retail clients as wholesale clients between July 2022 and April 2023. This misclassification stripped them of legal safeguards, such as the right to a Product Disclosure Statement and dispute resolution services, which are mandatory for retail clients under Australian law.



ASIC accuses Binance of failing to provide these protections, which it says led to significant financial losses for many users. The lawsuit also highlights the exchange's inadequate compliance systems, which it argues were not properly trained to handle the legal requirements of its Australian operations​


This legal action follows a series of regulatory failures that culminated in Binance voluntarily canceling its Australian financial services license in April 2023, amid growing scrutiny from the regulator​

Also read:Younger Workers Increasingly Want Crypto Paychecks, Study Finds

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