Australia's Securities Regulator Wins Case Against Kraken's Local Operator

The Federal Court of Australia ruled on Friday that cryptocurrency exchange Kraken's operator in the country, Bit Trade Pty Ltd, "contravened" with a section of the nation's Corporations Act. The case against Bit Trade was brought by the Australian Securities and Investments Commission (ASIC). Section 994B of the Corporations Act requires an issuer of a financial product to make a “target market determination” prior to the product being offered to consumers. ASIC said "Since 5 October 2021, Bit Trade’s “margin extension” product has been available to customers trading on the Kraken exchange without a target market determination, as required by law." 

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