By Kumar Tanishk
THE Australian federal court has ordered Binance’s local unit to pay A$10 million ($6.9 million) for misclassifying over 85% of its Australian clients that exposed them to high-risk crypto products, the country’s securities regulator said.
The penalty follows a lawsuit by the Australian Securities and Investments Commission (ASIC) in late 2024 alleging the misclassification exposed retail investors to high-risk crypto derivatives without required protections.
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