The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance Australia Derivatives. The regulator claims that the company incorrectly classified more than 500 retail customers as wholesale investors, which deprived them of key legal protection.

From July 2022 to April 2023, Binance did not provide important documents such as the Product Disclosure Statement (PDS) and Target Market Determination (TMD) to customers, nor did it provide a proper dispute resolution system. ASIC Deputy Chairman Sarah Court called the company's compliance systems "extremely unsatisfactory."

The case also highlights ASIC's desire to tighten regulation of cryptocurrency exchanges. In 2023, the regulator has already revoked Binance's license in Australia and announced the introduction of new licensing rules for cryptocurrency companies.