ASIC Sues Kraken's Bit Trade For Allegedly Violating Margin Trading Rules, Causing $12.95M in Losses for Australian Users

Australian regulator ASIC sues Kraken subsidiary Bit Trade for allegedly violating margin trading regulations.
Laws require margin trading products have a target market determination before offered to consumers.
ASIC says Bit Trade offered margin trading since 2020 without proper determination.
At least 1,160 Australian Kraken users lost $12.95 million using margin trading.
ASIC wants to send a message to crypto industry to comply with regulations to protect consumers.

dailyhodl.com

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9/4/2023

Australia sues Westpac for negligence over financial hardship notices

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