{"id":17485,"date":"2024-09-14T18:07:41","date_gmt":"2024-09-14T22:07:41","guid":{"rendered":"https:\/\/sikaoer.com\/kraken-operator-loses-case-in-australia-over-margin-trading-product\/"},"modified":"2024-09-14T18:07:41","modified_gmt":"2024-09-14T22:07:41","slug":"kraken-operator-loses-case-in-australia-over-margin-trading-product","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/kraken-operator-loses-case-in-australia-over-margin-trading-product\/","title":{"rendered":"Kraken operator loses case in Australia over margin trading product"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"\">\n<h3>Key Takeaways<\/h3>\n<ul>\n<li>Bit Trade failed to comply with design and distribution obligations for its margin trading product.<\/li>\n<li>ASIC plans to seek financial penalties against Kraken's Australian operator.<\/li>\n<\/ul>\n<p>Share this article<\/p>\n<div class=\"social-icons\">\n<p>      <\/p><\/div>\n<p>The Australian operator of Kraken exchange, Bit Trade Pty, has lost a case in Australia\u2019s Federal Court over its margin trading product. As Reuters reported, the court ruled that Bit Trade failed to comply with design and distribution obligations, according to Australia\u2019s corporate regulator.<\/p>\n<p>The Australian Securities and Investments Commission (ASIC) initiated civil proceedings against Bit Trade in September 2023, alleging that the company failed to make a target market determination before offering the product to customers.<\/p>\n<blockquote wp_automatic_readability=\"10\">\n<p>\u201cToday\u2019s outcome sends a salient reminder to the crypto industry about the importance of compliance with the design and distribution obligations.\u201d She added, \u201cIt is a legal requirement for financial products to be distributed to consumers appropriately,\u201d stated ASIC Deputy Chair Sarah Court.<\/p>\n<\/blockquote>\n<p>ASIC\u2019s case argued that the obligation to repay a digital asset or national currency was a deferred debt, making the product a credit facility.<\/p>\n<blockquote wp_automatic_readability=\"9\">\n<p>\u201cOverall, we\u2019re disappointed by today\u2019s ruling, but we\u2019re prepared and willing to comply with the court\u2019s decision,\u201d a Kraken spokesperson responded to the rulling. <\/p>\n<\/blockquote>\n<p>ASIC and Bit Trade have been given seven days to agree on declarations and injunctions. The regulator plans to seek financial penalties against the operator at a later date.<\/p>\n<p>This legal setback for Kraken in Australia follows a November 2023 lawsuit by the US Securities and Exchange Commission, which accused Kraken of operating a crypto trading platform without proper registration.<\/p>\n<p>In the case, Kraken argued that the regulator is attempting to expand its regulatory scope by using vague terms like investment \u201cconcept\u201d and \u201cecosystem\u201d as substitutes for well-defined legal terms such as \u201cinvestment contract\u201d and \u201centerprise.\u201d<\/p>\n<p>Notably, the exchange even pointed out that the SEC\u2019s approach could result in a significant reordering of the US financial regulatory structure, transforming the sale of any digital asset or commodity into an investment contract at the agency\u2019s discretion.<\/p>\n<p>Share this article<\/p>\n<div class=\"social-icons\">\n<p>      <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2024\/04\/05153217\/follow-us-on-google-news.png\" alt=\"Follow on Google News\" width=\"140\" height=\"41\"\/><\/p><\/div><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/kraken-margin-trading-case\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Bit Trade failed to comply with design and distribution obligations for its margin trading product. ASIC plans to seek financial penalties against Kraken&#8217;s Australian operator. Share this article The Australian operator of Kraken exchange, Bit Trade Pty, has lost a case in Australia\u2019s Federal Court over its margin trading product. As Reuters reported, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-17485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kraken operator loses case in Australia over margin trading product - Sikaoer - The Best Crypto News Site.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sikaoer.com\/kraken-operator-loses-case-in-australia-over-margin-trading-product\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kraken operator loses case in Australia over margin trading product\" \/>\n<meta property=\"og:description\" content=\"Key Takeaways Bit Trade failed to comply with design and distribution obligations for its margin trading product. ASIC plans to seek financial penalties against Kraken&#039;s Australian operator. Share this article The Australian operator of Kraken exchange, Bit Trade Pty, has lost a case in Australia\u2019s Federal Court over its margin trading product. 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ASIC plans to seek financial penalties against Kraken's Australian operator. Share this article The Australian operator of Kraken exchange, Bit Trade Pty, has lost a case in Australia\u2019s Federal Court over its margin trading product. 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