• Binance Australia Derivatives sent an abrupt message to a select group of users on Feb. 23, saying it would be immediately closing their accounts due to a false classification of some users as „wholesale clients.“
• The next day, the Australian Securities and Investments Commission (ASIC) announced it would be conducting a „targeted review“ of Binance’s local derivatives operations.
• Binance took to social media to clarify the incident, saying that it closed derivatives positions and accounts for some users who they incorrectly classified as „wholesale clients.“
Binance Australia Derivatives Closes Accounts
Savannah Fortis Feb 24, 2023 Aussie regulators review Binance Australia Derivatives over account closures A day after Binance Australia Derivatives sent notifications of account closures to users it wrongly classified, regulators in Australia said they’re looking into the company. 5894 Total views 19 Total shares Listen to article 2:46 News Own this piece of history Collect this article as an NFT
Account Closures Due To False Classification
Binance Australia Derivatives sent an abrupt message to a select group of users on Feb. 23, saying it would be immediately closing their accounts due to a false classification of some users as „wholesale clients.“ This incident caused a flurry of responses from users on social media.
Review Of Local Derivatives Operations
The next day, the Australian Securities and Investments Commission (ASIC) announced it would be conducting a „targeted review“ of Binance’s local derivatives operations. According to a statement from a spokesperson of the regulator on Feb. 24, the review will include the company’s „classification of retail clients and wholesale clients.“
Clarification On Social Media
Binance took to social media to clarify the incident, saying that it closed derivatives positions and accounts for some users who they incorrectly classified as „wholesale clients.“ Currently the platform is only available to wholesale investors.
SEC Objection To Bid For Voyager Assets
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