Australia’s Federal Court ordered Binance Australia’s derivatives unit to pay A$10 million after misclassifying more than 85% of its local clients as wholesale investors between July 2022 and April 2023. According to ASIC, the conduct exposed 524 retail customers to high-risk crypto derivatives, leading to about A$8.66 million in trading losses and A$3.9 million in fees. ASIC said the entity admitted six breaches, and its Australian financial services license was canceled in April 2023.