TechFlow news, on December 12, according to Cointelegraph, the Federal Court of Australia ruled against Bit Trade, Kraken's Australian operator, ordering it to pay a fine of 8 million Australian dollars (approximately 5.1 million U.S. dollars) within 60 days and bear the litigation costs.
ASIC Chairman Joe Longo stated that over 1,100 Australian users paid more than 7 million U.S. dollars in fees for using its leveraged products, suffering total losses exceeding 5 million U.S. dollars, with one investor losing nearly 4 million U.S. dollars. Bit Trade was found to have provided credit services without holding a license and failed to fulfill its Target Market Determination (TMD) obligations.
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