Australian Regulators Sue Kraken Provider Bit Trade Over Margin Trading!

The post Australian Regulators Sue Kraken Provider Bit Trade Over Margin Trading! appeared first on Coinpedia Fintech News

Australian securities regulators have sued Bit Trade Pty Ltd., the 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 (ASIC) claims the crypto exchange failed to create a “target market determination” for the product before launching it. The margin trading product is a credit facility that provides customers with credit to buy and sell certain crypto assets on Kraken. At least 1,160 customers had used the margin trading product, incurring a total loss of about $US8.35 million since the product was launched in October 2021.