Summary
- The Federal Court of Australia has imposed a fine of AUD 8 million, equivalent to $5 million, on Kraken's operator Bit Trade.
- Bit Trade was accused of failing to comply with design and distribution obligations and operating as a credit institution without a license.
- Kraken expressed disappointment with the court's decision but appreciated the recognition of its compliance efforts.
The Federal Court of Australia has imposed a fine of $5 million on Bit Trade, the operator of Kraken Australia.
According to a report by Cointelegraph on the 12th (local time), Judge John Nicholas fined Bit Trade, which operates Kraken Australia, AUD 8 million ($5.1 million) for failing to comply with design and distribution obligations and operating as a credit institution without a license.
Kraken stated, "We appreciate the court's recognition of our compliance efforts, but the outcome of this case is quite disappointing."
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
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