Regulator Investigates Binance Australia’s Derivatives Business

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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.”Binance Australia Faces ASIC’s ScrutinyThe 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. ”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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