(Reuters) - Australia's corporate regulator said on Thursday it had initiated civil proceedings against Bit Trade Pty Ltd, provider of the Kraken ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Australia's corporate regulator said on Thursday it had initiated civil proceedings against Bit Trade Pty Ltd, provider of the Kraken crypto exchange to Australian customers, for failing to comply with design and distribution obligations for its margin trading product.
The Australian Securities and Investments Commission alleged that Bit Trade failed to make a target market determination for the product before offering it to customers, and continues to offer it despite being notified of the ASIC's concerns in June last year. The regulator noted that customers can receive an extension of credit of up to five times the value of the assets they use as collateral. It said at least 1,160 customers had used the margin trading product, incurring a total loss of about A$12.95 million since DDO began in October 2021.
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