Binance said it has closed derivatives positions for a “small number of Australian users” that it misclassified as a “wholesale investor.”

crypto exchange Said In accordance with Australian regulations, we have notified affected users and closed their derivative positions immediately.

Binance Added:

“We have already contacted all affected users and will fully compensate them for any losses incurred while trading derivatives on Binance.”

of notification Sent to some affected users, urging them to provide new information or evidence demonstrating that they meet the requirements to be classified as a “wholesale investor.”

Under Australian law, wholesale investors have financial resources that enable them to take a long-term approach to investment decisions.they are I believed Be more sophisticated and professional in your approach to trading.

Meanwhile, following the news, the flagship digital asset Bitcoin (BTC) fell to $23,791 before rising to its current value of $24,071, according to CryptoSlate data.

It first appeared on CryptoSlate after Binance closed derivatives positions for Australian users.

By Jules

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