{
Bit Trade Pty Ltd.

Companies

}

kraken fined for illegal margin trading as australian regulators tighten oversight

Kraken's Australian operator, Bit Trade, has been fined $5.1 million by the Australian Securities and Investments Commission (ASIC) for unlawfully offering high-risk margin trading to retail clients, resulting in significant losses. The Federal Court found Bit Trade negligent in its compliance with design and distribution obligations, allowing over 1,100 retail customers to engage in risky trading without proper screening. This case highlights increasing regulatory scrutiny in Australia's crypto sector, as ASIC continues to consult on proposed updates to crypto regulations through February 2025.
Decrypt
Bit Trade Pty Ltd. Kraken Energy Corp. USA AUS Joe Longo
Regulatory & Legal, News Article
12:20 12.12.2024
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