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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.
Monochrome Asset Management is set to launch Australia's first spot Ethereum ETF (IETH) on Cboe, following the success of its Bitcoin ETF (IBTC), which raised $15 million since its June debut. Meanwhile, ASIC has proposed new regulations for digital assets, likening Bitcoin to prison currency, raising concerns about the impact on innovation and compliance for crypto tools like non-custodial wallets. The Australian Treasury is also considering regulating digital asset intermediaries under existing financial services laws to address consumer risks while fostering innovation.
Rhys Bollen
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ASIC sues Binance for misclassifying retail investors and consumer protection failures
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11:19 19.12.2024
Australia launches first Ethereum ETF amid evolving crypto regulations
06:55 12.12.2024
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