According to Techub News, Cointelegraph reported that the Federal Court of Australia ruled that cryptocurrency exchange operator Bit Trade violated its design and distribution obligations and acted as a credit institution without a license.

The Australian Securities and Investments Commission (ASIC) filed a civil lawsuit against Bit Trade in September last year, accusing it of launching margin trading products without a clear target market. The court ruled that Bit Trade violated legal requirements and ASIC will seek financial penalties against Bit Trade. Although Kraken was disappointed with the ruling, it is ready to comply with the court's decision.