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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
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Australian regulator wins case against Kraken operator Bit Trade
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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

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