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Australia fines Kraken’s operator $5.1m for regulatory breaches
The Australian Federal Court has ordered Bit Trade, operator of the Kraken crypto exchange in Australia, to pay a fine of A$8 million (US$5.1 million).
The fine is for breaching financial regulations.
The Australian Securities and Investments Commission (ASIC) took legal action against the company for unlawfully issuing a credit facility.
ASIC accused Bit Trade of offering a margin trading product to over 1,100 consumers without evaluating its suitability.
This led to more than US$5 million in customer losses.
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