The Australian Securities and Investments Commission has sued Bit Trade, the provider for Kraken in Australia over its margin trading product.
The Australian Securities and Investments Commission has commenced civil penalty proceedings against Bit Trade, the provider of the Kraken crypto exchange in Australia, for failing to comply with design and distribution obligations for one of its trading products.
Design and distribution obligations are a legal requirement for firms that offer financial products in Australia. The obligations set forward requirements for firms to design financial products that meet pre-determined needs of customers and then distribute them by way of a specific plan. "ASIC alleges that Bit Trade’s margin trading product is a credit facility as it offers customers credit for use in the sale and purchase of certain crypto assets on the Kraken exchange," said ASIC in a statement.
According to ASIC, Bit Trade has offered its margin trading product to Australian customers via the Kraken exchange since January 2020. Additionally, the regulator alleged since the commencement of the DDOs in Oct. 2021, at least 1160 Australian customers had used Bit Trade's margin trading product and had incurred a total loss of approximately $12.95 million.
"These proceedings should send a message to the crypto industry that products will continue to be scrutinised by ASIC to ensure they comply with regulatory obligations in order to protect consumers," said ASIC deputy chair Sarah Court.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Portofino says crypto dispute with Citadel Securities should stay in EnglandCryptocurrency firm Portofino wants a New York district court to dismiss a lawsuit lodged by Citadel Securities over alleged trade secrets.
Les mer »
Denver 2024 Budget Reveals Investments Beyond HOST for Housing HomelessDenver was slated to spend $242 million to get people off the streets and into housing, but now Mayor Mike Johnston is saying it will take millions more.
Les mer »
Disney is doubling investments into its most magical places on earth over the next decade.The company is planning to drive growth by pumping roughly $60 billion into its parks, experiences, and cruise lines, noting in a blog post that Disney parks have “significant room for further expansion on land and at sea.” Here’s hoping these new experiences will be more affordable than the $5,000 Star Wars hotel that Disney is shutting down later this month.
Les mer »
US lawmaker to urge chip industry group to reduce China investments -sourceThe chair of the U.S. House of Representatives' committee on China on Tuesday planned to meet with a semiconductor industry group to express concerns over U.S. investments in China's chip industry, according a source familiar with the matter.
Les mer »
US lawmaker to urge chip industry group to reduce China investments -source By ReutersUS lawmaker to urge chip industry group to reduce China investments -source
Les mer »
Belief in manifesting financial success leads to risky investments and bankruptcy, says studyResearchers from The University of Queensland have found people who believe in manifesting financial success are more likely to make risky investments and end up bankrupt.
Les mer »