The Australian Securities and Investments Commission said it’s conducting a “targeted review” of the local derivatives business of Binance , the world’s largest crypto exchange. The review includes Binance’s “classification of retail clients and wholesale clients,” a spokesperson for the regulator said in a statement on Friday. Binance earlier tweeted it had closed the derivatives positions of some Australian users because they were incorrectly classed as wholesale investors. The company said it will compensate affected customers for any losses incurred. In a statement, a Binance representative said 500 users were impacted and that the closure was necessary to comply with local laws. Our team identified a small number of Australian users who were incorrectly classed as ‘Wholesale Investors’ on Binance. As per Australian regulation, we were required to inform these users and close any of their own derivative positions with immediate effect. — Binance (@binance) February 23, 2023 The ASIC spokesperson said the regulator “is aware of Binance’s social media posts overnight stating that it had incorrectly classed a group of Australian consumers as wholesale investors.” “It has not yet reported these matters to ASIC in accordance with its obligations under its Australian financial services license,” the spokesperson added. […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
