An Australian federal court has imposed a $6.9 million penalty on Binance's local derivatives operation for incorrectly categorizing more than 85% of its Australian customers. The country's securities regulator announced the ruling on Friday following client classification violations.
A federal court in Australia has imposed a substantial A$10 million ($6.9 million) fine on the local derivatives arm of cryptocurrency platform Binance for improperly categorizing the vast majority of its Australian customers, according to an announcement from the nation’s securities watchdog on Friday.
The penalty stems from violations involving the incorrect classification of more than 85% of Binance’s Australian customer accounts during the client registration process.
The exchange rate conversion shows $1 equals 1.4491 Australian dollars.
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