Australia: Public lawsuit against Bit Trade by ASIC for alleged design and distribution failures
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Issued ruling in public lawsuit against Bit Trade by ASIC for alleged design and distribution failures
On 12 December 2024, the Federal Court of Australia imposed an AUD 8 million pecuniary penalty on Bit Trade Pty Ltd for contravening section 994B(2) of the Corporations Act 2001. The contravention involved Bit Trade making a margin extension product…
SourceIssued interim ruling in public lawsuit against Bit Trade by ASIC for alleged design and distribution failures
On 23 August 2024, the Australian Securities and Investments Commission (ASIC) announced a Federal Court had ruled in their favor in the public lawsuit filed against Bit Trade on 21 September 2023. Bit Trade is the Australian provider of the Kraken …
SourceAnnounced public lawsuit against Bit Trade by ASIC for alleged design and distribution failures
On 21 September 2023, the Australian Securities and Investments Commission (ASIC) announced civil penalty proceedings against Bit Trade. Bit Trade is the Australian provider of the Kraken cryptocurrency exchange. ASIC alleges that Bit Trade failed t…
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