🚨 Breaking Crypto News! 🚨

Kraken's Aussie arm, Bit Trade, hit with an AUD 8M fine! The Federal Court found Bit Trade guilty of issuing a margin extension product without a target market determination, violating Aussie laws. Over 1,100 customers affected, with fees and losses soaring past $12M! 😲

ASIC's Joe Longo hails this as a landmark case, urging crypto firms to heed compliance rules. What are your thoughts on this regulatory crackdown? Share your views in the comments! 💬

#CryptoNews #Kraken #Regulation