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ASIC released a ruling against Bit Trade Pty for not meeting the legal requirements of its margin trading product.
The petition claimed margin trading products should have been treated as a credit facility.
Australia’s Federal Court ASIC, delivered a ruling against Bit Trade Pty today. Bit Trade Pty is the operator of the Kraken cryptocurrency exchange in Australia. According to ASIC, Bit Trade failed to meet the legal requirements for its margin trading product.
In September 2023, ASIC initiated legal proceedings against Bit Trade for not properly assessing the market for its margin trading product before offering it to users. This was despite the regulator notifying the company of these concerns earlier.
Sarah Court, ASIC Deputy Chair, emphasized that:
“Today’s outcome sends a salient reminder to the crypto industry about the importance of compliance with the design and distribution obligations.”
Court noted that financial products must be marketed and distribute

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