Australian court rules that Kraken violated corporate law, Kraken calls for clarity in crypto regulation

ChainCatcher news, the Federal Court of Australia ruled that Kraken's Australian operator Bit Trade Pty Ltd violated Section 994B of the Corporations Act by failing to conduct a "target market determination" before launching a product, which is a compliance step required by law. Kraken stated that this ruling reflects the ambiguity of cryptocurrency regulations in Australia. While Kraken is committed to complying with the ruling, a company spokesperson believes that the current regulatory framework is unfavorable to investors and calls for legal clarity in the cryptocurrency and Web3 sectors as soon as possible. ASIC plans to seek economic penalties against Bit Trade, and ASIC and Bit Trade have seven days to reach an agreement on the statement and injunction.