Foresight News reported that, according to The Block, the Australian Federal Court has ruled that Bit Trade, the operating company of the Kraken cryptocurrency trading platform in the country, must pay AUD 8 million (USD 5.1 million) for failing to comply with regulatory obligations. This penalty was imposed following a favorable ruling in August by the Australian Securities and Investments Commission (ASIC) in a civil lawsuit against Bit Trade, where ASIC alleged that the company offered credit services without authorization. ASIC stated that Bit Trade failed to determine the target market before providing margin extension products to over 1,100 customers between October 2021 and August 2023, resulting in losses exceeding USD 5.2 million.