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ASIC sues Binance for misclassifying retail investors and consumer protection failures

The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance Australia Derivatives for misclassifying over 500 retail clients as wholesale investors, depriving them of essential consumer protections. This misclassification exposed clients to high-risk financial products without adequate safeguards, prompting ASIC to seek penalties and corrective measures. The regulator criticized Binance's compliance systems as "woefully inadequate," highlighting the need for proper classification to ensure retail clients receive necessary protections.
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United States Dollar Australian Dollar AUS Sarah Court Alys Key Stacy Elliott Vince Dioquino Rhys Bollen Show more
Regulatory & Legal, News Article
11:19 19.12.2024
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