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.
