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Australia court fines Binance unit $6.9 million over client onboarding failures
The Australian federal court has ordered Binance's local unit to pay A$10 million ($6.9 million) for misclassifying over 85 per cent of its Australian clients that exposed them to high-risk crypto products, the country's securities regulator said on Friday. The penalty follows a lawsuit by the Australian Securities and Investments Commission (ASIC) in late 2024 alleging the misclassification exposed retail investors to high-risk crypto derivatives without required protections. Binance Australia Derivatives, part of the world's largest crypto exchange by trading volume, admitted the failures in a statement of agreed ... (full story)
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