{
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Australian court fines Kraken eight million dollars for unauthorized lending product

The Federal Court of Australia has fined Bit Trade, operator of Kraken, $8 million for offering an unauthorized margin lending product to over 1,100 customers without a Target Market Determination. The Australian Securities and Investments Commission (ASIC) highlighted that the product led to significant customer losses, totaling $7.85 million. The ruling underscores the necessity for compliance in the digital asset sector, prompting calls for clearer regulations to protect investors.
CryptoPotato
Kraken Energy Corp. AUS Luke Howarth Jon Finch Joe Longo Show more
Regulatory & Legal, News Article
23:34 16.12.2024

ASIC fines Bit Trade five million dollars for regulatory breaches

Bit Trade, the operator of the Kraken exchange, has been fined AUD 8 million (approximately $5 million) by the Australian Securities and Investments Commission (ASIC) for unlawfully issuing a credit facility without proper market determination. The court found that Bit Trade's "margin extension" product, offered to over 1,100 customers, violated regulatory obligations, leading to significant compliance failures. Despite earning over $7 million from fees, the company faced trading losses exceeding $5 million, prompting Justice Nicholas to emphasize the importance of prioritizing regulatory adherence over revenue.
CryptoSlate
AUS Joe Longo
Regulatory & Legal, News Article
16:12 12.12.2024

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

Australia fines Kraken operator for regulatory breaches totaling 5 million dollars

Australia's Federal Court has fined Bit Trade, the operator of Kraken Australia, 8 million AUD ($5.1 million) for regulatory breaches, including failing to comply with design and distribution obligations. The Australian Securities and Investments Commission (ASIC) criticized Bit Trade for offering a margin extension product without the required target market determination, resulting in significant losses for over 1,100 Australians. ASIC's chair emphasized the need for crypto firms to adhere to regulatory compliance to protect consumers.
Cointelegraph
Australian Dollar Kraken Energy Corp. ASICLAND AUS Jon Finch Joe Longo
Regulatory & Legal, News Article
07:55 12.12.2024
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