Kraken Faces SEC Lawsuit and Australian Ruling Over Distribution Flaws

Aug 23, 2024, 06:09 PM

The Federal Court of Australia ruled that Bit Trade Pty Ltd, the operator of Kraken in Australia, contravened a section of the nation's Corporations Act, according to ASIC, due to distribution flaws. Additionally, Kraken is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) for allegedly operating an unregistered securities exchange. A judge has ruled that Kraken must face this lawsuit, highlighting the ongoing regulatory scrutiny in the cryptocurrency industry.