Binance Australia Derivatives Update

This announcement provides background to, and an update to, Oztures Trading Pty Ltd (ABN 77 142 898 324) (trading as “Binance Australia Derivatives”) closing some Binance Australia Derivatives positions and accounts on 23 February 2023. 

In January 2023, Binance Australia Derivatives commenced an investigation into its onboarding process, following its receipt of ASIC notices. 

As a result of that investigation, we identified users who had been incorrectly classified as wholesale clients under the Corporations Act. Binance Australia Derivatives also filed a breach notification with ASIC in relation to these issues on 24 February 2023.

Binance Australia Derivatives is in the final stages of appointing an independent assurance firm to advise on the remediation and compensation process for affected users.

Binance Australia Derivatives will provide an update on compensation to affected users as soon as practicable. We anticipate the timeline for this update will be a matter of weeks.

Should you have any questions, please feel free to reach out to our Customer Support Team for assistance by emailing oztures@binance.com directly.

Thank you,

Binance Australia Derivatives