The Australian Federal Court has ordered Bit Trade, the operator of the Kraken exchange, to pay a fine of 8 million Australian dollars ($5.1 million) for illegally offering margin trading. The company provided clients with access to leverage without a license and target market determination, which led to significant losses for users. ASIC emphasized the need to comply with regulatory requirements to protect investors.
12/12/2024 1:09:06 PM (GMT+1)
The Australian operator of the Kraken exchange was fined 8 million Australian dollars (5.1 million US dollars) for illegally providing margin trading without a license and violating consumer protection requirements ⚖️
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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