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The Australian Federal Court has ruled in favor of the country’s financial regulator, ASIC, against BitTrade, which is the operator of Kraken crypto exchange in Australia.
BitTrade reportedly failed to comply with design and distribution obligations and acted as a credit facility without a license.
ASIC and Bit Trade have been given seven days to agree on declarations and injunctions. ASIC has declared that it will seek financial penalties against Bit Trade.
This case sends a message to the crypto industry to comply with regulatory obligations while operating in Australia.
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