Crypto exchange Kraken, headquartered in San Francisco, is facing a $5.1 million fine from Australia’s financial regulator, the Australian Securities & Investments Commission (ASIC), for illegally offering margin trading to retail customers. The penalty is against Bit Trade, which operates Kraken’s Australian operations.
Over 1,100 retail customers accessed high-risk margin trading products on the platform, and they were not properly screened. This led to more than $5 million in collective losses.
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