<ul><li>The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance’s Australian arm for allegedly failing to protect consumers.</li><li>ASIC claims that Binance misclassified 505 retail investors as wholesale clients, exposing them to high-risk crypto derivative products and depriving them of important consumer protections.</li><li>Binance is accused of failing to meet regulatory requirements such as not providing a Target Market Determination and lacking an adequate dispute resolution process.</li><li>In April 2023, ASIC revoked Binance’s Australian financial services license as part of an ongoing investigation into the extent of consumer harm caused by the exchange's actions.</li></ul>

Binance Faces Legal Action for Failing to Protect Australian Consumers

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