Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»EXCHANGE NEWS»Australian regulator wins case against Kraken operator Bit Trade
EXCHANGE NEWS

Australian regulator wins case against Kraken operator Bit Trade

By Crypto FlexsAugust 23, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Australian regulator wins case against Kraken operator Bit Trade
Share
Facebook Twitter LinkedIn Pinterest Email

The Federal Court of Australia has ruled that Kraken’s local operator, Bit Trade Pty Ltd, breached cryptocurrency regulations and Australian Corporations Act. The court found that Bit Trade breached section 994B of the Corporations Act by offering “margin extension” products to retail customers without first “determining the target market.” This requirement, designed to protect consumers, came into effect in October 2021.

The ruling acknowledged the complexities of applying the existing regulatory framework to innovative technologies, but ultimately agreed with ASIC’s interpretation that margin extensions in national currency create deferred liabilities and classify the product as a credit facility.

Kraken expressed disappointment with the decision.

Kraken expressed disappointment with the outcome but said it would comply with the court’s ruling. A legal representative for the exchange highlighted the challenges of operating in a regulatory environment where “the laws surrounding cryptocurrency offerings in Australia are unclear.”

ASIC Deputy Chair Sarah Court highlighted the significance of this outcome, saying it sends a clear message to the cryptocurrency industry about compliance with regulatory obligations.

The two parties now have seven days to agree on a declaration and injunction, and ASIC is seeking financial penalties against Bit Trade. The ruling could set a precedent for how digital asset products are regulated in Australia.

Also Read: Bitcoin’s $100K Target Delayed But Inevitable, Says Antony Scaramucci

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Dogecoin (DOGE) after collision

June 23, 2025

Litecoin Key Support in Focus Price Eye Brake Out Determination

June 20, 2025
Add A Comment

Comments are closed.

Recent Posts

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Join Earn Mining To Mine Easily And Earn $7752 A Day

June 26, 2025

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Weed® Announces Partnership With Khalifa Kush; Launches Global Commercialization

June 26, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025
Most Popular

The 30% increase in AERGO stuns the market. But will those who benefit ruin the party?

May 3, 2025

As Chainlink and Celestia face recession, investors turn to NuggetRush presale

February 2, 2024

Trump Campaign Now Becomes First Major Party Candidate to Accept Cryptocurrency Donations

May 22, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.