The Australian Federal Court has fined Bit Trade, the Australian operator of US-based cryptocurrency exchange Kraken, A$8 million for failing to comply with its design and distribution obligations and acting as an unlicensed lending facility. The court ordered the fine to be paid within 60 days. The A$20 million fine requested by ASIC was deemed “excessive”, while the A$4 million proposed by Bit Trade was deemed “insufficient”. The decision raises the issue of regulatory compliance in the crypto sector. Share your views in the comments.