Oztures Trading Pty Ltd, operating under Binance Australia Derivatives, is under scrutiny for offering crypto derivative products to 505 retail investors between July 2022 and April 2023. The firm allegedly misclassified a significant portion of these investors, around 83% of its local client base, as wholesale clients, which potentially bypassed important consumer protections.
This legal action was initiated by the Australian Securities and Investments Commission (ASIC) to address the lack of adequate protections for these investors due to their misclassification.
