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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.
Luke Howarth
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Australian court fines Kraken eight million dollars for unauthorized lending product
23:34 16.12.2024
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