The Australian Federal Court fined Bit Trade, the operator of the Kraken cryptocurrency exchange, $8 million for offering an unapproved margin lending product. The Australian Securities and Investments Commission (ASIC) accused the company of violating financial regulations, as the product was offered without defining a target market. Over 1,100 customers were affected, losing a total of $7.85 million. ASIC emphasized the importance of regulatory compliance to protect investors. Kraken expressed disappointment at the court's decision and called for an update to cryptocurrency legislation.