Binance Australia Derivatives is facing a lawsuit from the Australian Securities and Investments Commission (ASIC) for misclassifying over 500 retail clients as wholesale clients, denying them essential consumer protections. The allegations include failing to provide necessary disclosures and adequate compliance systems, leading to significant financial losses for investors, with Binance compensating affected clients approximately $13 million in 2023. This case is part of broader regulatory efforts by ASIC to enhance oversight of digital assets and protect consumers.
Tigran Gambaryan, the head of financial crime compliance at Binance, has been released after being detained in Nigeria since February. The Nigerian authorities dropped the charges against him, and US officials confirmed he is now on a flight back to the United States following negotiations between the two governments.
Tigran Gambaryan, a jailed Binance executive and former IRS investigator, has had criminal charges against him dropped by a Nigerian court on medical grounds after eight months of detention. Despite this ruling, he remains in custody as international pressure mounts for his release due to declining health. Gambaryan's case has drawn significant attention, with U.S. lawmakers urging the government to intervene.
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