Crypto firm Binance Australia sued by ASIC, ASX slips — as it happened

Crypto giant sued over alleged consumer protection failures

Australia’s corporate watchdog is suing the local arm of global crypto giant Binance after more than 500 retail clients were “denied important consumer protections”.

Binance sued over dodgy test that cost investors $13.1m

Binance Australia staff were allegedly incompetent and misclassified hundreds of mum and dad investors as “sophisticated”, exposing them to risky investments.

Crypto firm Binance Australia sued by ASIC, ASX slips — as it happened

The corporate regulator is suing crypto firm Binance Australia Derivatives for alleged consumer protection failures. Australian stocks swung between gains and losses but finished in the red.

ASIC Takes Legal Action Against Binance Australia for Consumer Protection Breaches

The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Binance Australia Derivatives, the cryptocurrency derivatives trading platform, citing significant failures in consumer protection. This move highlights ASIC’s intensified scrutiny of compliance practices within the cryptocurrency sector. On December 18, ASIC released a statement outlining its allegations against Binance Australia. The regulator a…

Investor Rights Breach? ASIC Sues Binance Australia

Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), has filed a case against Binance Australia Derivatives.

After Kraken, Binance Sued by ASIC in Australia: Here’s Why

Australia appears to be auditing the operations of crypto exchanges to protect its citizens from financial risks. In a recent development, Binance has come under legal scrutiny for misclassifying 505 retail investors. This follows a legal challenge against Kraken just days earlier. Both Kraken and Binance are facing lawsuits from the Australian Securities and Investments Commission (ASIC), the regulator overseeing the country's financial markets…