Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13105
Markets: 101189
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
13105
Cryptocurrencies
60.37%
Bitcoin Share
Coinpaprika 2024-12-19 08:07:17

ASIC Sues Binance Australia Over Consumer Protection Failures

ASIC Sues Binance Australia Over Consumer Protection Failures

Australian regulator ASIC has filed a lawsuit against Binance Australia Derivatives, accusing the company of failing to protect consumers by misclassifying over 500 retail clients as wholesale investors between July 2022 and April 2023. This misclassification allegedly deprived these clients of critical legal protections. Retail clients in Australia are entitled to safeguards like a Product Disclosure Statement (PDS), a Target Market Determination (TMD), and access to dispute resolution systems. ASIC Deputy Chair Sarah Court described Binance’s compliance as “woefully inadequate” , highlighting that many clients faced significant financial losses due to these failures. She emphasized that ASIC is committed to using all regulatory tools to protect consumers and ensure integrity in the digital asset market. The lawsuit claims Binance did not meet several obligations, including issuing mandatory PDS and TMD documents, maintaining proper internal dispute resolution systems, and training employees to comply with regulations. ASIC also accused Binance of not conducting its business “efficiently, honestly, and fairly.” The regulator is seeking penalties, declarations, and orders for adverse publicity. In April 2023, Binance’s Australian financial services license was canceled following an ASIC review. Binance stated that it had requested the cancellation, citing only 104 users on its derivatives platform at the time. The spot trading platform continues to operate in Australia . This lawsuit is part of a broader regulatory push targeting crypto platforms. Recently, Kraken’s Australian operator was fined $12.8 million for compliance breaches, and AUSTRAC has introduced stricter Know Your Customer (KYC) requirements for crypto ATMs, including transaction monitoring and reporting of withdrawals over $10,000. Globally, Binance faces numerous legal challenges. The Indian government has accused the platform of owing $85 million in unpaid taxes. In the UK, a whistleblower lawsuit alleges that a former Binance employee solicited a bribe from a customer and was later terminated after reporting the misconduct. These mounting legal pressures reflect increasing efforts by governments to enforce stricter compliance across the crypto industry. ASIC’s legal action against Binance underscores the growing scrutiny faced by crypto platforms as regulators work to ensure compliance with financial laws and protect consumers. This case highlights the ongoing challenges for the crypto industry in meeting regulatory expectations.

Most Read News



Cryptohopper
Market Cap
24h Vol
60.37%
Bitcoin Share
97
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.