Binance Faces Legal Action from Australian Regulator
The Australian Securities and Investment Commission (ASIC) has initiated legal proceedings against Binance Australia Derivatives, alleging the misclassification of 505 retail investors as wholesale clients between July 2022 and April 2023. This misclassification reportedly deprived these investors of essential consumer protections. In April 2023, following a review, ASIC revoked Binance Australia Derivatives' financial services license. Subsequently, in November 2023, approximately A$13.1 million was compensated to 435 affected clients. ASIC is now seeking penalties, declarations, and adverse publicity orders against Binance. As of now, Binance has not commented on the lawsuit.
Binance's Compliance Workforce Expansion
In response to increasing regulatory scrutiny, Binance plans to expand its compliance team to 700 members by the end of 2024, up from the current 500. CEO Richard Teng emphasized the importance of regulatory engagement, stating, "Government agencies are important." This move underscores Binance's commitment to enhancing compliance and fostering positive relationships with regulatory bodies.
Binance Alpha Introduces Third Batch of Projects
Binance Alpha has unveiled its third batch of projects, featuring a diverse lineup across various blockchain ecosystems, including BNB Chain, Ethereum, Solana, and Base Network. The new projects are: FROGMONKY, TERMINUS, CLANKERAI, Ce11, CGPT, GRIFFAIN, LUNAI, $RIF, and $URO. This initiative reflects Binance's ongoing commitment to supporting emerging blockchain innovations and technologies.
Binance.US Aims to Restore USD Services
Binance.US plans to reinstate USD services by early 2025, according to Interim CEO Norman Reed. This development is part of Binance.US's efforts to enhance its platform and provide better services to its users, following recent challenges in maintaining USD banking relationships.
Binance Partners with Cristiano Ronaldo for NFT Collection
Binance has collaborated with football star Cristiano Ronaldo to launch an exclusive NFT collection. This partnership aims to merge the worlds of sports and digital assets, offering fans unique opportunities to engage with Ronaldo's legacy through blockchain technology.
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