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Aussie regulator wins case against Kraken crypto exchange operator on distribution flaws

Economic TimesEconomic Times · 3m
Aussie regulator wins case against Kraken crypto exchange operator on distribution flaws

Australia's Federal Court has ruled that Bit Trade, the operator of the Kraken crypto exchange in Australia, failed to comply with design and distribution obligations for its margin trading product. The Australian Securities and Investments Commission (ASIC) had initiated civil proceedings against Bit Trade, alleging that the company had not made a target market determination before offering the product to customers. This ruling serves as a reminder of the importance of compliance for the crypto industry. ASIC will seek financial penalties against Bit Trade at a later date. In November 2023, the U.S. SEC also sued Kraken for operating as a securities exchange without registration.

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