ASIC (Australian Securities and Investments Commission) has filed a lawsuit against Binance, alleging that the cryptocurrency exchange failed to provide consumer protection to more than 500 retail clients. These clients were misclassified as wholesale clients and were not given the necessary rights and protections under Australian financial services laws. Binance is accused of not providing detailed product disclosures, not complying with its Australian financial services license conditions, and not implementing a complaint resolution system. ASIC oversaw compensation payments of around $13 million from Binance to affected clients, and it is seeking penalties and other regulatory measures to ensure consumer protection in the digital asset sector.



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