Australian regulator accuses Binance of violating consumer rights

Retail customers of Binance from Australia were not properly protected from risky derivatives, leading to significant losses. This was stated by ASIC in a lawsuit.

According to the complaint, from July 2022 to April 2023, Oztures Trading Pty Ltd (trading as Binance Australia Derivatives) mistakenly classified 505 clients - 83% of the total number of users - as 'wholesale'.

According to ASIC, users were not provided with the same protective measures as lower-income investors, including the right to receive disclosure statements and access to a dispute resolution system.