<ul><li>The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance Australia Derivatives for misclassifying over 500 retail investors as wholesale clients.</li><li>ASIC alleges that Binance Australia wrongly classified 83% of its Australian client base, exposing them to high-risk crypto derivative products without proper consumer protections.</li><li>The regulatory agency claims that Binance's compliance systems were inadequate, leading to significant financial losses for many clients.</li><li>ASIC has also fined Kraken, another crypto platform, for offering unlawful margin products in Australia.</li></ul>

ASIC Claims Binance Misclassified 83% of Australian Client Base, Takes It To Court

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