Australian Securities and Investments Commission (ASIC) has filed allegations in the Federal Court claiming that more than 500 retail clients of Oztures Trading Pty Ltd, operating as Binance Australia Derivatives (Binance), were incorrectly classified as wholesale clients, depriving them of essential consumer protections.
Between 7 July 2022 and 21 April 2023, Binance reportedly provided crypto derivative products to 505 Australian retail investors, who accounted for 83% of its local client base.
More here (link to ASIC)