A court has found Bit Trade offered a product without following design and distribution obligations and acted as a credit facility, in violation of Australian laws.
Australia’s federal court has ruled in favor of the country’s financial regulator, ASIC, against Bit Trade, the operator of Kraken’s crypto exchange in Australia.
The court found that Bit Trade failed to comply with design and distribution obligations and acted as a credit facility without a license.
In September 2023, the Australian Securities and Investments Commission (ASIC) initiated a civil suit against Bit Trade, arguing that its margin trading product was launched without a target market determination outlining the appropriate customers.
