Kraken: The latest court ruling reflects the ambiguity of Australia's cryptocurrency regulations
2024-08-23 08:39:19
Australia federal court ruling kraken australian operator bit tradedesk3cryptocurrencydesktopCrypto News
The Federal Court of Australia ruled that Bit Trade Pty Ltd, Kraken's Australian operator, had breached Section 994B of the Companies Act by failing to make a "target market determination" before launching a product, a legally required compliance step. Kraken said the ruling reflected the ambiguity of Australia's cryptocurrency regulations. While Kraken committed to complying with the ruling, a company spokesperson argued that the current regulatory framework was unfavorable to investors and called for legal clarity to be provided in the crypto and Web3 space as soon as possible. ASIC plans to seek financial penalties against Bit Trade, and ASIC and Bit Trade have seven days to agree on a statement and injunction.
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