The Australian Federal Court has fined Bit Trade, the operator of the Kraken exchange in Australia, $8 million for offering an unapproved margin lending product. 🇦🇺

ASIC alleged that the firm breached financial regulations. It offered products to more than 1,100 customers without a TMD. The decision is a reminder of the regulatory compliance obligations of digital asset firms. ⚖️

Kraken has called for an update to crypto laws, highlighting regulatory uncertainties.