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ASIC Accuses Binance Australia of Serious Consumer Protection Violations

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by A1

3 hours ago


The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance Australia for consumer protection violations.

ASIC's Allegations Against Binance

The lawsuit focuses on allegations that Binance misclassified 505 retail clients as wholesale investors from July 2022 to April 2023, taking them out of crucial legal protections under Australian financial laws.

ASIC's Compliance Assessment

Alleged violations include a failure to provide required disclosure documents, inadequate dispute resolution measures, and insufficient employee training. ASIC found that Binance did not conduct its services "efficiently, honestly, and fairly", leading to the revocation of Binance's financial services license in April 2023.

It is unacceptable that retail clients should suffer the consequences of inadequate systems of compliance.Sarah Court, ASIC Deputy Chair

Compensation for Affected Clients

ASIC announced that A$13.1 million in compensation was paid to 435 clients who had been wrongly classified as wholesale clients.

The case against Binance could set a precedent for how regulators address compliance failures in the crypto industry. Binance's response to this complaint may influence their operations in Australia and regulatory approaches worldwide.

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