The Australian Securities and Investments Commission (ASIC) has cancelled the operational license of the now-defunct Prospero Markets, which offered contracts for differences (CFDs) instruments to retail traders. Prospero Markets Lost AFS License The cancellation of the Australian Financial Services (AFS) license, effective from 25 September, came after the regulator suspended it in December 2023. The…
The Australian Securities and Investments Commission (ASIC) announced today (Thursday) it is conducting a global search for a service provider to identify and remove investment scam and phishing websites, as part of its ongoing efforts to combat online financial fraud. ASIC Launches Global Search for Investment Scam Website Takedown Service The regulator has issued a…
The Federal Court of Australia has ruled that Bit Trade Pty Ltd., operating crypto exchange Kraken in Australia, failed to meet regulatory obligations for its margin trading product. The product was offered without a required market determination, breaching the Corporations Act. ASIC emphasized the need for compliance in the crypto industry, aiming to ensure consumer…
An Australian federal court today (Friday) ruled that Bit Trade Pty Ltd, which operates the Kraken crypto exchange in the country, violated the design and distribution obligations (DDO) while offering margin trading products to local customers. A Partial Victory for ASIC The ruling came after the Australian Securities and Investment Commission (ASIC) sued the company…
Bitdeer Technologies Group announced its acquisition of Desiweminer, a noted player in the crypto ASIC design landscape. The agreement, finalized on June 3, 2024, involves the exchange of 20 million Bitdeer shares and introduces stringent transfer restrictions, with a vesting period extending up to seven years. Bitdeer and Desiweminer Join Forces in Multimillion-Share Acquisition Deal…
The Australian financial market regulator has cancelled the license of retail forex and contracts for differences (CFDs) issuer XTrade.AU Pty Ltd, operating as XTrade, due to a range of lapses. ASIC Cancels XTrade’s License Announced today (Thursday), the broker also moved to the Administrative Appeals Tribunal (AAT) on 29 April 2024 for a review and…
A federal court in Australia has favoured Block Earner, a cryptocurrency company, by relieving it from the liability of paying a penalty for offering interest-bearing crypto products without an appropriate licence. A Regulatory Disappointment? The judgement today (Tuesday) followed actions by the Australian Securities and Investments Commission (ASIC) against Web3 Ventures Pty Ltd, which operates…