The Australian Securities and Investment Commission (ASIC) sued Bit Trade Pty Ltd, the provider of Kraken to the Australian market. The regulator alleged the company failed to comply with design and distribution obligations for its margin trading product.
According to reports by Reuters, Australia’s corporate regulator, the Australian Securities and Investment Commission (ASIC), instituted civil proceedings against Bit Trade, the provider of the cryptocurrency exchange Kraken to Aussie customers.
Bit Trade Failed to Comply with DDOs
In a statement, the “ASIC alleges that Bit Trade failed to comply with the design and distribution obligations for the margin trading product it offers Australian customers on the Kraken exchange.”
Reuters explained Design and distribution obligations (DDO) require firms to design their financial products to meet the needs of consumers and distribute these products in a targeted manner.
We are suing Bit Trade, provider of the Kraken crypto exc
We współpracy z: https://cryptodaily.co.uk/2023/09/aussie-regulator-sues-crypto-exchange-kraken-for-design-and-distribution-failures
