Australian regulators are investigating Binance Australia's derivatives business

ChainCatcher news, according to Bloomberg, Australian regulators are investigating Binance Australia's derivatives business, including reviewing how Binance distinguishes between "retail clients and wholesale clients."

Previously reported, some users on Twitter responded that Binance Australia forcibly closed the derivatives positions and accounts of Australian citizens. In response, Binance stated on Twitter that the Binance team found a small number of Australian users were incorrectly classified as "wholesale clients." "According to Australian regulations, we must notify these users and immediately close any of their derivatives positions. We have contacted all affected users and will fully compensate them for any losses incurred while trading derivatives on Binance." (source link)