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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