Foresight News reports that the Australian Securities and Investments Commission (ASIC) has sued the cryptocurrency company Binance Australia, accusing it of failing to protect consumers. ASIC's documents filed in the federal court claim that over 500 retail customers of Oztures Trading Pty Ltd (trading as Binance Australia's derivatives trading platform) were stripped of important consumer protections after being misclassified as wholesale customers. ASIC stated that from July 7, 2022, to April 21, 2023, Binance provided cryptocurrency derivatives to 505 Australian retail investors who were misclassified as wholesale customers, accounting for 83% of its Australian customer base.