Binance Australia, the Australian division of crypto exchange Binance, has just suspended several retail user accounts.
These have reportedly been closed because following an internal investigation, these have been misclassified as "professional investors" who have access to cryptocurrency derivatives trading.
The exchange has closed customers' positions and they have been notified accordingly.
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Users will reportedly receive full compensation for losses resulting from Binance's actions.
Recall that the exchange closed in December 2021 the access to crypto derivatives for users in Australia.
Bloomberg has recently reported that Binance Holdings is mulling the possibility of terminating relations with US trading partners amid increased pressure from local regulators.