ChainCatcher news, the Australian Securities and Investments Commission (ASIC) has sued cryptocurrency company Binance Australia, accusing it of failing to effectively protect consumer rights.ASIC stated that Binance Australia had offered cryptocurrency derivative products to 505 Australian retail investors, but these investors were incorrectly classified as wholesale clients.

ChainCatcher news, according to Decrypt, Rhys Bollen, the head of digital assets at the Australian Securities and Investments Commission (ASIC), made controversial remarks during a liaison meeting on December 12, comparing Bitcoin to cigarettes used as currency in prisons. This statement stems from ASIC's recent release of a regulatory consultation document on non-cash payment instruments (NCP), which may bring cryptocurrencies under regulatory oversight.Industry insiders are concerned that applying financial regulation to tools like non-custodial wallets could stifle innovation and lead to an exodus of businesses. Michaela Juric, the project manager of AUDD, warned that this regulatory approach could force tools like MetaMask to apply for an Australian Financial Services License (AFSL).

ChainCatcher news, Allan Kirkland, a commissioner of the Australian Securities and Investments Commission (ASIC), stated at the AFR Digital Assets Summit that many cryptocurrency companies will need to obtain financial services licenses under the Corporations Act.ASIC believes that certain crypto assets should be classified as financial products, but there is uncertainty due to the crypto sector not fully aligning with the current regulatory framework. ASIC plans to update its guidelines before November to clarify the classification and treatment of relevant crypto tokens. ASIC has also strengthened its regulation of the crypto industry, recently taking enforcement action against Kraken and the Australian Securities Exchange (ASX).

ChainCatcher news, the Australian Securities and Investments Commission (ASIC) revealed last Sunday that as part of a broader effort to combat online investment scams, the agency coordinated the shutdown of over 600 cryptocurrency scams last year.ASIC stated that it has helped dismantle 5,530 fake investment platform scams, 1,065 phishing scams, and 615 cryptocurrency investment scams.It is estimated that last year these scams spread through fake news articles and deepfake videos of local public figures, resulting in a total loss of $1.3 billion.The regulator stated in a release: "ASIC reminds all consumers to remain vigilant against social media links promoting online trading and cryptocurrency investments." ASIC added that, on average, about 20 websites are shut down each day, as scammers continue to adapt and find new ways to lure victims.Although there was a surge in cryptocurrency-related scams around the Bitcoin halving event in April, data provided by ASIC shows that this number is declining month by month.

ChainCatcher news, according to CoinDesk, an Australian court dismissed the lawsuit by the Australian Securities and Investments Commission (ASIC) against the crypto company Finder, stating that "there is no determination that the Finder Earn product is a bond," and ordered ASIC to pay the defendants' costs.

ChainCatcher news, according to Blockworks, the Australian Securities and Investments Commission (ASIC) is intensifying its focus on the distribution of "high-risk" over-the-counter derivatives (including cryptocurrency derivatives) to retail investors.The regulator is concerned that issuers providing regulated financial products alongside unregulated digital assets may lead investors to mistakenly believe that consumer protection measures apply equally to unregulated products.

ChainCatcher news, according to Bloomberg citing informed sources, the Australian Securities and Investments Commission (ASIC) conducted a search of Binance's Australian office on Tuesday as part of an ongoing investigation into the platform's now-closed derivatives business.Previous report, in April, ASIC revoked the financial services license for derivatives of Binance Australia. After the license was revoked, Binance Australia customers would be unable to increase their derivatives positions or open new positions with Binance. Additionally, Binance has stopped all AUD trading pairs since June 1. (Source link)