{"id":43169,"date":"2024-12-12T13:44:24","date_gmt":"2024-12-12T13:44:24","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/australia-fines-kraken-operator-5-million-for-non-compliance\/"},"modified":"2024-12-12T13:44:24","modified_gmt":"2024-12-12T13:44:24","slug":"australia-fines-kraken-operator-5-million-for-non-compliance","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/australia-fines-kraken-operator-5-million-for-non-compliance\/","title":{"rendered":"Australia fines Kraken operator $5 million for non-compliance"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676047236802-dbfd94d0-2577-4bd1-b821-72122048bfc0-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676047236802-dbfd94d0-2577-4bd1-b821-72122048bfc0-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676047236802-dbfd94d0-2577-4bd1-b821-72122048bfc0-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676047236802-dbfd94d0-2577-4bd1-b821-72122048bfc0-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.<\/li>\n<li>The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.<\/li>\n<\/ul>\n<p>Kraken crypto exchange\u2019s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.<\/p>\n<p>The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the <a href=\"https:\/\/coinjournal.net\/news\/tag\/kraken\/\">Kraken<\/a> crypto exchange operator must comply with the country\u2019s crypto regulations.<\/p>\n<p>The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently <a href=\"https:\/\/blog.kraken.com\/product\/aus-licensed-broker-offering\" target=\"_blank\" rel=\"noopener\">announced<\/a> a licensed broker offering for clients in Australia.<\/p>\n<h2>Bit Trade failed to comply with regulations<\/h2>\n<p>In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.<\/p>\n<p>ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.<\/p>\n<p>The market regulator\u2019s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.<\/p>\n<p>In addition, the firm would cover for all the commissions court proceedings costs.<\/p>\n<p>Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), <a href=\"https:\/\/coinjournal.net\/news\/sec-charges-kraken-with-unregistered-operations-and-fund-mixing\/\">suing<\/a> the exchange earlier in November 2023.<\/p>\n<p>SEC\u2019s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court <a href=\"https:\/\/coinjournal.net\/news\/judge-denies-kraken-motion-to-dismiss-sec-lawsuit\/\">denied the exchange\u2019s motion<\/a> that sought to dismiss the SEC\u2019s lawsuit.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/australia-fines-kraken-operator-5-million-for-non-compliance\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange\u2019s [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":43170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43169"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=43169"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/43170"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=43169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=43169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=43169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}