• ASIC won a case against Bit Trade, the firm responsible for Kraken’s Australian operations.
• ASIC also shut down 7,300 phishing and investment scam websites, of which 650 were tied to crypto.
• Amid regulatory uncertainties, WonderFi has announced expansion in Australia.

Australia has initiated a regulatory crackdown against crypto firms operating in the region, aiming to push digital asset service providers to complete proper registration processes before providing their services to the citizens of the country. In the latest events, the Australian Securities and Investments Commission (ASIC) cracked down on Bit Trade, the firm responsible for crypto exchange Kraken’s Australian operations. 

On August 23, Justice John Nicholas ruled that Bit Trade offered its product to “retail clients without first making a target market determination,” violating the Corporations Act. The judge agreed with ASIC, stating that Bit Trade failed to meet legal requirements for margin products and operated as an unlicensed credit facility.

The post Australia Tightens Crypto Rules, Kraken’s Bit Trade in Focus appeared first on Coin Edition.

• ASIC won a case against Bit Trade, the firm responsible for Kraken’s Australian operations.
• ASIC also shut down 7,300 phishing and investment scam websites, of which 650 were tied to crypto.
• Amid regulatory uncertainties, WonderFi has announced expansion in Australia.

Australia has initiated a regulatory crackdown against crypto firms operating in the region, aiming to push digital asset service providers to complete proper registration processes before providing their services to the citizens of the country. In the latest events, the Australian Securities and Investments Commission (ASIC) cracked down on Bit Trade, the firm responsible for crypto exchange Kraken’s Australian operations. 

On August 23, Justice John Nicholas ruled that Bit Trade offered its product to “retail clients without first making a target market determination,” violating the Corporations Act. The judge agreed with ASIC, stating that Bit Trade failed to meet legal requirements for margin products and operated as an unlicensed credit facility.

The post Australia Tightens Crypto Rules, Kraken’s Bit Trade in Focus appeared first on Coin Edition.