By Kumar Tanishk
THE Australian federal court has ordered Binance’s local unit to pay A$10 million ($6.9 million) for misclassifying over 85% of its Australian clients that exposed them to high-risk crypto products, the country’s securities regulator said.
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.
Subscribe now to have unlimited access
With our membership subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
