Binance Australia Hit With $6.9M Fine After Investors Lose Millions on Derivatives

Australia's Federal Court has ordered Oztures Trading Pty Ltd, trading as Binance Australia Derivatives, to pay an AUD $10 million (about $6.9 million USD) penalty after the exchange admitted to exposing 524 retail investors to high-risk crypto derivative products without required consumer protections. The misclassification occurred between July 2022 and April 2023, with Binance admitting to failures in client onboarding that allowed retail clients to make unlimited attempts at a multiple-choice quiz unti ...