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ASIC Sues Binance Australia Derivatives For Consumer Protection Failure
- ASIC has sued Binance Australia Derivatives for consumer protection failure.
- Binance misclassified retail investors as wholesale clients.
- Around 500 retail clients were affected, representing 83% of Binance Australia Derivatives' Australian client base.
- ASIC will seek penalties and use regulatory tools to safeguard consumers in the digital asset sector.
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