<p>The Australian Securities and Investments Commission (ASIC) is reviewing the derivatives services of Binance Australia after <a href=”https://www.financemagnates.com/cryptocurrency/exchange/binance-launches-fiat-to-crypto-trading-platform-in-australia/” target=”_blank” rel=”follow”>the crypto exchange closed the derivatives positions</a> of false classification of several users as “wholesale investors.”</p><p>Binance Australia Faces ASIC’s Scrutiny</p><p>The regulatory investigation includes “a targeted review” of the crypto exchange’s “classification of retail clients and wholesale clients,” an ASIC spokesperson said in a media statement. </p><p>”ASIC is aware of Binance’s social media posts overnight stating that it had incorrectly classed a group of Australian consumers as wholesale investors. It has not yet reported these matters to <a href=”https://www.financemagnates.com/terms/a/asic/” class=”terms__main-term” id=”dfb41d67-b79e-4b09-b365-1f341b85a51b” target=”_blank”>ASIC</a> […]
https://cryptogator.co/2023/02/25/regulator-investigates-binance-australias-derivatives-business-5/
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