The failure exposed retail investors to high-risk derivatives, leading to more than AU$12m in trading losses and fees.
Binance Australia Derivatives has been ordered by the Federal Court to pay a AU$10m (US$6.9) penalty after misclassifying most of its clients, leading to more than AU$12m in trading losses and fees. The court found that more than 85% of Binance’s Australian clients were incorrectly classified as wholesale investors between July 2022 and April 2023 The respondent is Binance Group’s subsidiary Oztures Trading Pty Ltd, the operator of Binance Australia Derivatives. The court found