The Australian Securities and Investment Commission (ASIC) has filed a lawsuit against Oztures Trading Ltd, operator of Binance Australia Derivatives, for misclassifying over 500 retail investors as wholesale clients, thus denying them essential consumer protections. Between July 2022 and April 2023, Binance allegedly failed to provide necessary disclosures and dispute resolution mechanisms, potentially causing significant financial harm. ASIC is seeking penalties and has emphasized the importance of proper client classification to ensure informed decision-making in the risky digital asset market.
