Binance Australia's derivatives division was fined $6.9 million for compliance and customer access violations.

The Federal Court of Australia has ordered Binance Australia's derivatives division, Oztures Trading Pty Ltd, to pay a fine of A$10 million (approximately US$6.9 million). Between July 2022 and April 2023, the entity misclassified over 85% of its local clients as wholesale investors, resulting in 524 retail clients being exposed to high-risk crypto derivatives without statutory consumer protections, causing trading losses of approximately A$8.66 million (approximately US$5.9 million) and fee losses of A$3.9 million (approximately US$2.7 million). Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), stated that Binance failed to establish basic compliance vetting mechanisms and incorrectly approved hundreds of wholesale investor applications. According to the court's statement of fact, Binance admitted to deficiencies in its client onboarding process, allowing applicants to repeatedly take eligibility tests until they passed, and insufficient review of application materials by senior compliance personnel. Binance admitted to six violations, including failing to provide product disclosure statements to retail clients, failing to conduct target market assessments, and failing to maintain a compliant internal dispute resolution system. This fine is in addition to the approximately A$13.1 million (approximately US$9 million) in customer compensation previously overseen by ASIC. The entity's Australian financial services license was cancelled in April 2023.