The Australian securities regulator has fined Kraken for offering high-risk margin trading products without proper screening.

The Federal Court of Australia identified Kraken’s compliance system as ‘seriously deficient’ after repeated regulatory breaches.

Australia's corporate watchdog said on Thursday that the country's federal court ordered crypto exchange Kraken's local operator to pay an A$8 million ($5.1 million) fine for unlawfully issuing a credit facility to more than 1,

Australia's court fines Kraken $5.1M for illegally offering credit facilities as ASIC emphasizes compliance with crypto regulations.

Australia's corporate watchdog said on Thursday that the country's federal court ordered crypto exchange Kraken's local operator to pay an A$8 million ($5.1 million) fine for unlawfully issuing a credit facility to more than 1,

Kraken, a large US-based cryptocurrency exchange, is shuttering its NFT marketplace after launching the service about two years ago. Kraken announced the closure in late November. Kraken users have until early next year to transfer their NFTs from the marketplace into a crypto wallet.

The Australian Securities and Investments Commission (ASIC) launched legal proceedings against the Australian operator of the Kraken crypto exchange. The Federal Court has ordered Bit Trade Pty Ltd (Kraken’s AUS operator) to pay $8 million for unlawfully offering a “margin extension” product without proper regulatory measures.

In a landmark decision, Australia’s Federal Court has ordered Bit Trade, the Australian operator of the US-based cryptocurrency exchange Kraken, to pay a fine of 8 million Australian dollars ($5.1 million).