{"id":555972,"date":"2023-02-24T11:52:56","date_gmt":"2023-02-24T08:52:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/aussie-regulators-review-binance-australia-derivatives-over-account-closures\/"},"modified":"2023-02-24T11:52:56","modified_gmt":"2023-02-24T08:52:56","slug":"aussie-regulators-review-binance-australia-derivatives-over-account-closures","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/aussie-regulators-review-binance-australia-derivatives-over-account-closures\/","title":{"rendered":"# Aussie regulators review Binance Australia Derivatives over account closures"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a32f67aa06c3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a32f67aa06c3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/aussie-regulators-review-binance-australia-derivatives-over-account-closures\/#%E2%80%9D_Aussie_regulators_review_Binance_Australia_Derivatives_over_account_closures_%E2%80%9C\" >&#8221; Aussie regulators review Binance Australia Derivatives over account closures &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Aussie_regulators_review_Binance_Australia_Derivatives_over_account_closures_%E2%80%9C\"><\/span>&#8221; Aussie regulators review Binance Australia Derivatives over account closures &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNTM0NGI4NTQtYmZkMS00YzhlLTgzYWUtMzBmMzgxZmVmMjhiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Binance Australia Derivatives sent an abrupt message to a select group of users on Feb. 23, saying it would be im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely closing their accounts due to a false classification of some users as \u201cwholesale clients.\u201d\u00a0<\/p>\n<p>This incident caused a flurry of responses from users on social media, and the next day, the Australian Securities and Investments Commission  (ASIC) announced it would be conducting a \u201ctargeted review\u201d of Binance&#8217;s local derivatives operations.<\/p>\n<p>According to a statement from a spokesperson of the regulator on Feb. 24, the review of Binance Australia Derivatives will include the company\u2019s \u201cclassification of retail clients and wholesale clients.&#8221;<\/p>\n<p>The spokesperson added:<\/p>\n<blockquote><p>\u201cIt has not yet reported these matters to ASIC in accordance with its obligations under its Australian financial services license.\u201d<\/p><\/blockquote>\n<p>However, the spokesperson said the regulator \u201cis aware of Binance\u2019s social media posts,\u201d which were made shortly after users began posting screenshots of the notices on Twitter.\u00a0<\/p>\n<p>Binance took to social media to clarify the incident, saying that it closed derivatives positions and accounts for some users who they incorrectly classified as \u201cwholesale clients.\u201d Currently the platform is only available to wholesale investors.\u00a0<\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>SEC files objection to Binance.US bid for Voyager assets<\/em><\/strong><\/p>\n<p>A few hours after its initial posts, Binance said 500 users were affected by the remediation. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">500 users were affected by this remediation, which was a necessary action to ensure we stay compliant with local laws. We serve over 120 million users globally and every user is important to us. We are in contact with the affected users to firm up our compensation plans for them.<\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1628843357827891201?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A spokesperson from Binance reiterated that the exchange is \u201ccommitted\u201d to adhering to local Australian laws.<\/p>\n<p>Changpeng CZ Zhao, the co-founder and CEO of Binance, tweeted that all users will be compensated of any losses and to ignore the FUD.\u00a0He also mentioned that the company is looking into the situation to see if reopening futures in Australia will be an option in the future.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Users will be compensated for any loss incurred due to the force close of positions. Protecting users is #1 priority <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@Binance<\/a>. <\/p>\n<p>We will review the situation and see if\/when we can re-open futures offerings in Australia. Thank you for your understanding, &amp; please ignore FUD (4). <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/dRG0u8VEuF\">https:\/\/t.co\/dRG0u8VEuF<\/a><\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1628754441837879297?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The cryptocurrency exchange is currently the largest in the world and has been very public about its efforts to comply with regulatory requirements of its local operations.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/aussie-regulators-review-binance-australia-derivatives-over-account-closures\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Aussie regulators review Binance Australia Derivatives over account closures &#8220; Binance Australia Derivatives sent an abrupt message to a select group of users on Feb. 23, saying it would be immediately closing their accounts due to a false classification of some users as \u201cwholesale clients.\u201d\u00a0 This incident caused a flurry of responses from users&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/5344b854-bfd1-4c8e-83ae-30f381fef28b.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,75012,20358,117,70934,71407],"class_list":["post-555972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-derivatives","tag-australia","tag-business","tag-regulation","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555972"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555972\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555973"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}