According to TechFlow news on December 12, as reported by Cointelegraph, the Australian Federal Court issued a penalty decision against Kraken's Australian operator Bit Trade on December 12. The court ruled that it must pay a fine of 8 million Australian dollars (approximately 5.1 million dollars) and bear the legal costs within 60 days.
ASIC Chair Joe Longo stated that over 1,100 Australian users paid more than 7 million dollars in fees for using its leveraged products, resulting in total losses exceeding 5 million dollars, with one investor losing nearly 4 million dollars. Bit Trade was found to have provided credit services without holding a license and failed to fulfill its target market determination obligations (TMD).