Crypto exchange Binance has Australian financial services licence cancelled by Asic

Regulator says Binance must cease trading by 21 April after it incorrectly classified hundreds of retail customers as wholesale investors

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Australia’s financial regulator has cancelled the local financial services licence of the world’s biggest cryptocurrency exchange, Binance.

Earlier this year, the Australian Securities and Investments Commission (Asic) found Binance had incorrectly classified hundreds of retail customers as wholesale investors.

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