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Binance Australia fined $6.9m for client onboarding failures

Bitcoin logo illustration.
The firm has been accused of misclassifying majority of its Australian clients. Photo: Dan Kitwood/Getty Images

Hameed Shuja

2 min read
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Binance has accepted exposing 524 retail investors to high-risk crypto products by misclassifying them as wholesale clients. The company had already compensated those clients in 2023.

Australia’s Federal Court has imposed a pecuniary penalty of A$10m ($6.9m) on Oztures Trading Pty Ltd (trading as Binance Australia Derivatives) for misclassifying the majority of its clients in the country and causing more than A$12m ($8.2m) in losses and fees.

Binance Australia admitted to exposing 524 retail

Binance

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