Coin

<ul class="news-points"> 
 <li>Australian regulator has commenced a lawsuit against Bit Trade Pty Ltd, the company behind the crypto exchange Kraken.</li> 
 <li>The ASIC said the margin trading product on Kraken is a credit facility and has resulted in over $12m in losses.</li> 
 <li>The regulator said its lawsuit against Bit Trade will send a message to other crypto entities in the country.</li> 
</ul> 
Australian Securities and Investments Commission (ASIC) has commenced a lawsuit against Bit Trade Pty Ltd, provider of the <a href="https://coinedition.com/tag/kraken-news/">crypto exchange Kraken</a> in Australia, for violation of its law and design requirements, an official statement details. According to the regulator, the default by Bit Trade has led to $12.95 million in losses. 
In particular, the <a href="https://coinedition.com/australian-regulator-sues-etoro-exchange-for-breaching-obligations/">Australian regulator</a> accused Bit Trade of failing to comply with its design and distribution obligations for margin trading products. As per the published statement, the obligation is required by law and also extends to products not considered financial products by the issuer. 
According to the ASIC, the margin trading product on the Kraken exchange is a credit facility as it gives customers access to credit to trade certain crypto assets.&nbsp; Even though Bit Trade described the cr…
The post <a rel="nofollow" href="https://coinedition.com/asic-drags-kraken-exchange-to-court-over-its-margin-trading-product/">ASIC Drags Kraken Exchange To Court Over its Margin Trading Product</a> appeared first on <a rel="nofollow" href="https://coinedition.com">Coin Edition</a>.

ASIC Drags Kraken Exchange To Court Over its Margin Trading Product

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