ASIC alleges Bit Trade failed to assess product suitability before offering risky margin trading to Australians

ASIC alleges Bit Trade did not make target market determination before offering margin trading to Aussie customers.
Since Oct 2021, 1160 Aussie customers used product and lost $8.35M total.
ASIC notified Bit Trade of failure to comply in June 2022 but alleges it continued offering product.
Kraken Australia MD says surprise and disappointment at enforcement action, believes product compliant.
ASIC says action a reminder of importance of complying with design and distribution obligations.

cointelegraph.com

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