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Australia imposes 5.1 million USD fine on Bit Trade for regulatory noncompliance

Bit Trade fined for regulatory breaches: The Australian Federal Court imposed a fine on Bit Trade, operator of the Kraken exchange, for failing to meet design and distribution obligations. Their unlicensed credit facility operations allowed users leverage for trading cryptocurrencies without proper market determination.

Court’s penalty emphasizes compliance needs: While ASIC proposed a 20 million AUD fine, the court settled on 8 million AUD after finding the operator’s previous claims for a 4 million AUD penalty inadequate. This highlights a critical compliance reminder for the cryptocurrency sector.

Investors suffer significant losses: Over 1,100 Australian users incurred more than 7 million AUD in fees, with some facing losses exceeding 5 million AUD. ASIC Chair JOE Longo stated that the ruling serves as a wake-up call for the industry’s adherence to regulations.

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