What happened
ASIC has filed a case in the Federal Court against Oztures Trading Pty Ltd, trading as Binance Australia Derivatives, alleging the company misclassified 505 retail clients as wholesale clients between 7 July 2022 and 21 April 2023.
What the allegation involves
The misclassified clients represented 83% of Binance Australia Derivatives' Australian client base. Because they were classified as wholesale rather than retail clients, those clients were denied key consumer protections, including:
- Product disclosure statements
- A compliant dispute resolution scheme
- Target market determinations
What ASIC is seeking
ASIC is seeking financial penalties, declarations, and adverse publicity orders against Binance Australia Derivatives.
Compensation already paid
In 2023, ASIC oversaw compensation payments of approximately $13.1 million to affected clients.
Court proceedings
The case is before the Federal Court's Victoria Registry. Evidence filing has been ordered through to at least 13 March 2026.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.