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Australian Regulator Wins Court Case Against Kraken’s Bit Trade
Summary: Australia’s federal court ruled in favor of the Australian Securities and Investments Commission (ASIC) against Bit Trade, Kraken's Australian crypto exchange operator. The court found Bit Trade violated design and distribution obligations and operated as a credit facility without a license. Bit Trade was found to have issued a margin trading product to retail clients ...
Australia’s federal court ruled in favor of the Australian Securities and Investments Commission (ASIC) against Bit Trade, Kraken's Australian crypto exchange operator. The court found Bit Trade violated design and distribution obligations and operated as a credit facility without a license.
Bit Trade was found to have issued a margin trading product to retail clients without proper market determination and allowed credit extensions without necessary licensing. ASIC Deputy Chair Sarah Court emphasized that the ruling reinforces the need for crypto companies to comply with Australian regulations. Kraken expressed disappointment but confirmed readiness to comply with the decision.
Tags: ASIC,Australia,Kraken
Link: Australian Regulator Wins Court Case Against Kraken’s Bit Trade [Copy]
