ASIC Sues Crypto Company Binance – channelnews
With Bitcoin trading at record levels smashing through the $170,000-mark recently, and other cryptocurrencies such as Ethereum also rallying over the last few weeks, Australia’s corporate regulator has now stepped in and dragged major cryptocurrency exchange Binance to Federal Court for denying “consumer protections.”
The Australian Securities & Investments Commission (ASIC) says that more than 500 retail clients of Oztures Trading, trading as Binance Australia Derivatives (Binance), were denied important consumer protections after being misclassified as wholesale clients.
ASIC alleges that from 7 July 2022 to 21 April 2023, Binance offered crypto derivative products to 505 Australian retail investors who were misclassified as…
