Binance Hit With $6.9 Million Fine in Australia Case

Binance’s Australian derivatives arm has been ordered to pay $6.9 million (A$10 million) after a federal court found serious failures in how it classified customers. The ruling marks one of the most significant enforcement actions against a crypto exchange in the country.

The case stems from a lawsuit filed by the Australian Securities and Investments Commission (ASIC) in 2024. Regulators alleged that Binance Australia Derivatives misclassified a large portion of its users, exposing them to complex and high-risk crypto products without proper safeguards.

According to the court, more than 85% of affected clients were incorrectly labeled as wholesale investors. In total, 524 retail…