Australian Regulator Claims Win Over Kraken’s Bit Trade In Federal Court !!

The Australian Securities and Investments Commission (ASIC) has reportedly secured a win in its case against Bit Trade, the operator of Kraken’s crypto exchange in Australia. Notably, the Federal Court of Australia ruled that Bit Trade "contravened" a section of the nation's Corporations Act by acting as a credit facility without a license.

Specifically, ASIC had initiated a civil suit against Bit Trade on the grounds that its margin trading product was launched without a target market determination outlining the appropriate customers.

The federal judge accepted ASIC’s arguments and ruled that Kraken failed to comply with design and distribution obligations under section 994B(1) of the Corporations Act when read with section 994B(2).

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