Bit Trade, the Australian operator of Kraken, is fined AUD 8 million for unlawfully issuing credit facilities without proper determination.

The Australian operator of popular cryptocurrency exchange Kraken has been ordered to pay an $8 million fine by the federal court after it was found to have issued a credit facility to more than 1,100 customers without checking their suitability.

Australia's corporate watchdog said on Thursday that the country's federal court ordered crypto exchange Kraken's local operator to pay an A$8 million ($5.1 million) fine for unlawfully issuing a credit facility to more than 1,

The Australian securities regulator has fined Kraken for offering high-risk margin trading products without proper screening.

Australia's court fines Kraken $5.1M for illegally offering credit facilities as ASIC emphasizes compliance with crypto regulations.

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, a large US-based cryptocurrency exchange, is shuttering its NFT marketplace after launching the service about two years ago. Kraken announced the closure in late November. Kraken users have until early next year to transfer their NFTs from the marketplace into a crypto wallet.

The Australian financial watchdog has ordered Bit Trade Pty, Kraken’s Australian operator, to pay a hefty fine for illegally issuing unvetted customers credit. One Australian

The Australian Securities and Investments Commission (ASIC) launched legal proceedings against the Australian operator of the Kraken crypto exchange. The Federal Court has ordered Bit Trade Pty Ltd (Kraken’s AUS operator) to pay $8 million for unlawfully offering a “margin extension” product without proper regulatory measures.

In a landmark decision, Australia’s Federal Court has ordered Bit Trade, the Australian operator of the US-based cryptocurrency exchange Kraken, to pay a fine of 8 million Australian dollars ($5.1 million).