Legal Action Against Binance: ASIC’s lawsuit claims that Binance Australia misclassified more than 500 retail clients as wholesale investors. This misclassification resulted in significant financial losses and denied clients vital protections like Product Disclosure Statements.
Inadequate Compliance Criticized: ASIC Deputy Chair Sarah Court criticized Binance’s compliance, labeling it ‘woefully inadequate’. The lawsuit seeks penalties and publicity orders as Binance faces growing regulatory scrutiny globally, including tax claims from the Indian government.