Bit Trade, Kraken’s provider in Australia, faces a lawsuit after Australia’s securities regulator determined it failed to comply with the design and distribution obligations for one of its margin trading products.
Helio falsely claimed to possess an Australian credit license in 2019 and has been sentenced to a one-year AUD 15,000 (US$9,600) non-conviction bond by the ASIC.
Binance is feeling the regulatory walls closing in as authorities question the reputational damage of appearing to approve of the controversial digital asset exchange.
A public consultation has been put in place by the Treasury to involve key stakeholders in its quest to police the digital currency industry.
The Australian Treasury said a multi-stage approach will be adopted, focusing on "strengthening enforcement, bolstering consumer protection, and establishing a framework for reform."
Prosecutors claim Sam Bankman-Fried's message to Ryne Miller and former FTX staff is "suggestive of an effort to influence" potential testimonies and a clear violation of standard bail conditions.
After ASIC's notification that Finder Wallet's Finder Earn violated the law, the firm terminated the offering and returned all funds to the users.
The paper wallets show they have up to $10,000 in digital assets, but require the “lucky recipient” to first send a withdrawal fee before they can access it.
The regulator disclosed that Block Earner, a firm backed by Coinbase and Aave, also operates an unregistered managed investment scheme that violates Australia’s capital market laws.
ASIC warns that the appearance of strange tokens in citizens' digital wallets, and the promise of guaranteed returns, are some of the tactics regularly employed by scammers.
Digital asset provider BPS Financial is facing a lawsuit for allegedly making false and misleading representations, as other firms in the sector face mounting fears that they are next in line.