Australia's Federal Court Sides with ASIC Against Kraken's Operator Bit Trade Pty Ltd

Aug 23, 2024, 06:46 AM

Australia's Federal Court has ruled in favor of the Australian Securities and Investments Commission (ASIC) in a case against Bit Trade Pty Ltd, the operator of Kraken's cryptocurrency exchange in the country. The court found that Bit Trade contravened a section of the Corporations Act by failing to meet design and distribution obligations for a margin trading product. Kraken has attributed the court loss to unclear cryptocurrency regulations in Australia.