**ASIC Sues Binance Australia Over Consumer Protection Failures**

The Australian Securities and Investments Commission (ASIC) has taken legal action against Binance Australia Derivatives, accusing the crypto platform of misclassifying over 500 retail clients as wholesale investors. This misclassification allegedly denied them essential consumer protections under Australian law. ASIC claims Binance failed to provide necessary documents like a Product Disclosure Statement and lacked adequate dispute resolution processes. Binance's Australian financial services license was canceled in April 2023. This lawsuit highlights ASIC's intensified scrutiny of the crypto sector, with plans to enforce stricter licensing requirements.