Wu said that according to DLNews, the Australian Securities and Investments Commission (ASIC) sued Binance, accusing it of failing to correctly classify more than 500 retail customers, causing them to be unable to enjoy consumer protection for high-risk derivatives. ASIC stated that Binance misclassified these customers as "wholesale customers" between July 2022 and April 2023, causing them to suffer significant losses in Bitcoin, Ethereum and BNB futures trading. Binance has paid US$8.29 million in compensation to affected customers.