Binance Australia Fined $6.9 Million for Misclassifying 85% of Derivatives Users

According to reports from March 27, the Federal Court of Australia has imposed an A$10 million (appr. $6.9 million USD) civil penalty on Binance’s local branch, registered under the name Oztures Trading Pty Ltd. The Australian Securities and Investments Commission (ASIC) said that Binance Australia’s derivatives platform misclassified over 500 investors as “wholesale clients.” The regulator ad…