Regulator Investigates Binance Australia’s Derivatives Business

The Australian Securities and Investments Commission (ASIC) is reviewing the derivatives services of Binance Australia after the crypto exchange closed the derivatives positions of false classification of several users as “wholesale investors.”

The regulatory investigation includes “a targeted review” of the crypto exchange’s “classification of retail clients and wholesale clients,” an ASIC spokesperson said in a media statement.

“ASIC is aware of Binance’s social media posts overnight stating that it had incorrectly classed a group of Australian consumers as wholesale investors. It has not yet reported these matters to ASIC
ASIC

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the
Read this Term in accordance with its obligations under its Australian Financial Services Licence.”