The Australian Securities and Investments Commission (ASIC) has launched legal action against Binance's Australian entity, Oztures Trading Pty Ltd, over alleged breaches of the law. ASIC alleges that Binance misclassified retail clients as wholesale clients and provided cryptocurrency derivatives products without adequate consumer protections. In Australia, offering derivative products to retail clients requires compliance with licensing conditions and internal dispute resolution requirements. ASIC's action is the latest in a series of regulatory crackdowns on Binance around the world. The company has been facing scrutiny from regulators in multiple countries over its compliance with anti-money laundering and know-your-customer laws. Binance has not yet commented on ASIC's legal action.