Australian Regulators Sue Kraken Provider Bit Trade Over Margin Trading!

Creator: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since a few years. He has earlier buying and selling expertise and has been working within the Fintech business since 2017.

Sep 21, 2023 10:25

Australian securities regulators have sued Bit Commerce Pty Ltd., the supplier of the Kraken crypto trade to Australian clients, for “failing to adjust to design and distribution obligations for its margin buying and selling product”. The Australian Securities and Investments Fee (ASIC) claims the crypto trade did not create a “goal market dedication” for the product earlier than launching it. The margin buying and selling product is a credit score facility that gives clients with credit score to purchase and promote sure crypto belongings on Kraken. At the least 1,160 clients had used the margin buying and selling product, incurring a complete lack of about $US8.35 million because the product was launched in October 2021.