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Home News

ASIC Sues Binance Australia Over Consumer Protection Failures

19 December 2024
in News, Regulation
Reading Time: 4 mins read
108 1
Source: pymnts.com

Source: pymnts.com

The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance’s Australian operator, Oztures Trading Pty Ltd. The regualtor accused the crypto derivatives platform of misclassifying over 500 retail clients as wholesale investors, and thus, denying these clients essential legal protections under Australian financial laws.

In a December 18 announcement, ASIC stated that the misclassification occurred between July 2022 and April 2023. Under Australian regulations, retail clients are entitled to enhanced consumer safeguards, including access to a Product Disclosure Statement (PDS), a Target Market Determination (TMD), and formal dispute resolution processes.

Sarah Court, ASIC’s Deputy Chair, criticized Binance’s compliance measures as “woefully inadequate,” noting that several clients suffered significant financial losses due to the platform’s failure to adhere to regulatory standards.

The lawsuit highlights multiple violations, such as Binance’s failure to provide required consumer documents, inadequate compliance training for staff, and the absence of proper dispute resolution systems. ASIC also accused Binance of not providing services “efficiently, honestly, and fairly,” as mandated by its financial services license.

In 2023, Binance closed the derivatives positions of 500 clients who had been misclassified as wholesale investors, an act that violated Australian laws barring retail clients from trading derivatives. Although Binance offered compensation to affected users and pledged to comply with local regulations, Bloomberg reported that Binance had not formally notified ASIC of the incident, as required under its financial license.

Following a regulatory review, ASIC revoked Binance Australia’s financial services license in April 2023. As a result, customers were barred from adding to or creating new derivatives positions starting April 14, 2023. Binance was required to liquidate all open positions by April 21, with users instructed to close trades before the deadline.

ASIC’s lawsuit is the latest development in the regulator’s enforcement initiatives within the country’s crypto sector. Recently, it fined Bit Trade, the local operator of Kraken, AUD 8 million (approximately USD 5.2 million) for illegally providing credit facilities to over 1,100 customers.

Also, on December 4, ASIC released a consultation paper proposing 13 ways to adapt existing financial product definitions to cryptocurrencies. The paper addresses licensing challenges for stablecoins and suggests regulatory relief for businesses that are working to comply with new guidelines.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: ASICAustraliaBINANCE
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