Binance's Australian subsidiary fined 10 million AUD for improperly classifying users
According to The Wall Street Journal, the Federal Court of Australia ruled that Binance's local derivatives division must pay an additional civil penalty of AUD 10 million (approximately USD 6.9 million). This penalty is an additional sanction beyond the AUD 13.1 million compensation paid to affected customers by Binance in 2023.
The Australian Securities and Investments Commission (ASIC) pointed out that the division incorrectly classified 524 retail investors as wholesale clients between July 2022 and April 2023, exposing them to high-risk derivatives without consumer protections, resulting in losses and costs exceeding AUD 12 million.
ASIC Chairman Joe Longo stated that this outcome serves as a clear warning to financial service providers seeking to operate in Australia. A Binance spokesperson stated that the issue was rectified in 2023, and the related subsidiary Oztures has ceased derivatives operations and canceled its license.
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