Australian court rules Bit Trade violated regulations, Kraken faces regulatory challenges

The Federal Court of Australia has ruled that cryptocurrency exchange operator Bit Trade breached its design and distribution obligations and acted as a credit institution without a license. The Australian Securities and Investments Commission (ASIC) filed civil proceedings against Bit Trade last September, accusing it of launching margin trading products without a clear target market. The court ruled that Bit Trade had violated legal requirements and ASIC will seek financial penalties against Bit Trade. Although Kraken is disappointed with the ruling, it is ready to comply with the court's decision. (Cointelegraph)