{"id":301613,"date":"2024-08-23T14:50:32","date_gmt":"2024-08-23T14:50:32","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&p=301613"},"modified":"2024-08-23T14:50:32","modified_gmt":"2024-08-23T14:50:32","slug":"australian-court-rules-kraken-violated-regulatory-requirements","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements","title":{"rendered":"Australian Court Rules Kraken Violated Regulatory Requirements"},"content":{"rendered":"

A court in Australia has issued a landmark ruling against Bit Trade, the operator of the Kraken crypto exchange in Australia.<\/b><\/p>\n

Bit Trade was found to have breached regulatory requirements by offering a margin trading product without adhering to mandated design and distribution obligations.\u00a0<\/span><\/p>\n

The ruling, <\/span>announced<\/span><\/a> earlier today (August 23) by the Australian Securities and Investments Commission (ASIC), underscores the increasing regulatory scrutiny faced by major global crypto platforms operating in the region.<\/span><\/p>\n

Kraken’s Violation of Design and Distribution Obligations<\/span><\/h2>\n

Since October 2021, Kraken’s “margin extension” product has been accessible to Australian customers without the legally required target market determination, a critical legal requirement.\u00a0<\/span><\/p>\n

This omission violated Section <\/span>994B(2) of the Corporations Act<\/span><\/a>, which mandates that financial product issuers must identify and outline the appropriate consumer group for such offerings.\u00a0<\/span><\/p>\n

https:\/\/twitter.com\/asicmedia\/status\/1826826977229017469<\/span><\/a><\/p>\n

The court’s decision hinges on the distinction between crypto assets and national currencies within the margin extension product, finding that repayment in national currencies constitutes a credit facility, subjecting Kraken to additional regulatory obligations.<\/span><\/p>\n

Consequently, Kraken’s legal team <\/span>responded<\/span><\/a> to the judgment by highlighting the ambiguity in Australia’s crypto regulations.\u00a0<\/span><\/p>\n

They pointed out that the court ruled Kraken’s margin product falls under the Design and Distribution Obligations (DDO) when extending fiat currency but not when dealing in cryptocurrency.\u00a0<\/span><\/p>\n

Kraken’s spokesperson stated that it is an “unsatisfactory position for Australian investors,” expressing a preference for legislative reform over legal test cases.\u00a0<\/span><\/p>\n

Despite their disappointment, Kraken emphasized its commitment to comply with the court’s ruling and continue to serve its Australian customers.<\/span><\/p>\n

ASIC\u2019s Regulatory Action and Industry Implications<\/span><\/h2>\n

Meanwhile, ASIC Deputy Chair Sarah Court <\/span>hailed<\/span><\/a> the ruling as a significant enforcement action, emphasizing its implications for the broader crypto industry.<\/span><\/p>\n

“Today\u2019s outcome sends a salient reminder to the crypto industry about the importance of compliance with the design and distribution obligations,” she said.\u00a0<\/span><\/p>\n

ASIC has indicated its intent to pursue financial penalties against Bit Trade. Both parties have seven days to agree on the necessary declarations and injunctions.<\/span><\/p>\n

Kraken’s regulatory challenges in Australia follow its 2020 <\/span>acquisition of Bit Trade<\/span><\/a>, the country’s oldest crypto exchange. By acquiring Bit Trade, Kraken secured a license to operate in the Australian market, but this move has since led to regulatory challenges for the company.<\/span><\/p>\n

Despite these challenges, the Australian crypto market is thriving, with <\/span>research<\/span><\/a> from Roy Morgan’s Research Institute revealing that approximately 1 million Australians, or 5% of the population, own cryptocurrency.<\/span><\/p>\n

Historically, the Australian government has adopted a relatively mild approach to crypto regulation. Nevertheless, recent calls for more effective regulation have emerged, focusing on consumer protection and market integrity.<\/span><\/p>\n

In response, Australian cryptocurrency exchanges, including Kraken, are now required to register with the Australian Transaction Report and Analysis Centre (AUSTRAC), identify and verify their users, maintain records, and comply with the government AML\/CTF reporting obligations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A court in Australia has issued a landmark ruling against Bit Trade, the operator of the Kraken crypto exchange in Australia. Bit Trade was found to have breached regulatory requirements by offering a margin trading product without adhering to mandated design and distribution obligations.\u00a0 The ruling, announced earlier today (August 23) by the Australian Securities […]<\/p>\n","protected":false},"author":286582,"featured_media":301626,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"news-category":[2140],"class_list":["post-301613","news","type-news","status-publish","format-standard","has-post-thumbnail","hentry","news-category-cryptocurrency"],"acf":[],"yoast_head":"\nAustralian Court Rules Kraken Violated Regulatory Requirements - Techopedia<\/title>\n<meta name=\"description\" content=\"A court in Australia has issued a landmark ruling against Bit Trade, the operator of the Kraken crypto exchange in Australia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian Court Rules Kraken Violated Regulatory Requirements\" \/>\n<meta property=\"og:description\" content=\"A court in Australia has issued a landmark ruling against Bit Trade, the operator of the Kraken crypto exchange in Australia.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements\" \/>\n<meta property=\"og:site_name\" content=\"Techopedia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/techopedia\/\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Australian-Court-Rules-Kraken-Violated-Regulatory-Requirements.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"686\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@techopedia\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/person\/641ae5516789428a6499cc7b4102510e\"},\"headline\":\"Australian Court Rules Kraken Violated Regulatory Requirements\",\"datePublished\":\"2024-08-23T14:50:32+00:00\",\"dateModified\":\"2024-08-23T14:50:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements\"},\"wordCount\":485,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Australian-Court-Rules-Kraken-Violated-Regulatory-Requirements.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"},\"articleSection\":\"\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements\",\"url\":\"https:\/\/www.techopedia.com\/news\/australian-court-rules-kraken-violated-regulatory-requirements\",\"name\":\"Australian Court Rules Kraken Violated Regulatory Requirements - 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