ASIC Is Reviewing Binance’s Local Derivatives Business

According to Bloomberg, the Australian Securities and Investments Commission (ASIC) said it was conducting a “targeted review” of Binance’s local derivatives business. The review included Binance’s “Classification of Retail and Wholesale Clients.” Binance previously responded to the "closed contract positions of some Australian users", saying, "This is due to the misclassification of some accounts. The team found that some Australian users were misclassified as wholesale clients on Binance. .According to Australian regulations, we are required to notify these users and immediately close their derivatives positions. We have contacted all affected users and will fully compensate them for their losses in derivatives transactions." Affected by the closure of contract positions has 500 Australian users.