Binance Fined $2 Million by Australian Media Regulator
Binance is now facing a $2,000,000 fine from the Australian Communications and Media Authority (ACMA).
Such a fine was imposed as part of the fight against spam, which has now reached Binance.
Binance Australia sent nearly 6 million commercial emails that interfered with free unsubscribing. Binance, in turn, required going to the account in order to unsubscribe. This information was discovered in an ACMA investigation. At the same time, about 30 such emails were sent without the permission of the recipient. Such violations occurred for more than half a year from October 2021 to May 2022.
Nerida O’Loughlin, ACMA Chair, said that Binance had an obligation to make the process of unsubscribing from emails easier. This clause is part of the Spam Act of 2003.
ACMA also received a legal obligation from Binance Australia. In this way, the company will be able to independently review its marketing and get closer to making corrections.
During the course of the investigation, Binance Australia received several warnings and violations. However, the company hasn’t fixed anything. The ACMA described the lack of action as “disappointing”.
There were also cases where customers even found it useful to write formal complaints in order to cancel their subscriptions. Binance is now one of the few cryptocurrency exchanges that have remained and have not experienced serious liquidity problems. And it was Binance that facilitated the creation of an emergency fund for the cryptocurrency sector.
Changpeng Zhao, the boss of Binance, recently stated that 99% of people are not ready to make important decisions on their own in the world of crypto. This, by the way, sounded after the loss of about $8 billion in consumer funds by the FTX.