Australia’s ASIC Sues Binance for Misclassifying 505 Retail Investors

December 19, 2024 Bitcoin.com

ASIC

Australia’s securities regulator is suing Binance’s local subsidiary for allegedly misclassifying 505 retail investors as wholesale clients. Retail Users Misclassified Australia’s securities regulator is suing Binance’s local subsidiary for allegedly misclassifying 505 retail investors as wholesale clients, thus denying them appropriate consumer protections. In its lawsuit filed in federal court, the Australian Securities and Investments […]

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Australia fines Kraken operator $5M for regulatory breaches

December 12, 2024 Coin Telegraph

Australia fines Kraken operator M for regulatory breaches

ASIC

Kraken Australia operator Bit Trade must pay $5 million plus court costs after the Federal Court sided with the country’s corporate watchdog.

Australia’s Federal Court fined the Australian operator of United States-based cryptocurrency exchange Kraken 8 million Australian dollars ($5.1 million) after siding with the country’s corporate regulator.

In a Dec. 12 judgment, Justice John Nicholas ordered Bit Trade, which operates Kraken Australia, to pay the fine within 60 days and cover court costs. The court found that Bit Trade failed to comply with design and distribution obligations and acted as a credit facility without a license.

The penalty is less than the $12.8 million sought by the Australian Securities and Investments Commission (ASIC), which Nicholas described as “excessive.” Still, it exceeded Bit Trade’s request to limit the fine to $2.5 million, which the judge deemed “insufficient.”

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Bitcoin Miner Foundry Cuts Jobs, Focuses on Core Business

December 5, 2024 Bitcoin.com

ASIC

Foundry, a leading bitcoin mining company, has laid off nearly a third of its workforce as part of a broader restructuring effort. Foundry Spins off AI Arm, Cuts Jobs Bitcoin miner Foundry has laid off nearly a third (27%) of its employees, with more than half of those affected based in the U.S. According to […]

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Bitmain Rolls out New High-Efficiency Bitcoin Mining Machines, Topping 319 TH/s

October 11, 2024 Bitcoin.com

air-cooled

Bitcoin mining rig manufacturer Bitmain has just rolled out two new rigs, boasting a hashrate of up to 216 terahash per second (TH/s) for their air-cooled model and 319 TH/s for the hydro-cooled version. Bitmain Releases New Air and Hydro-Cooled Bitcoin Mining Rigs The Chinese application-specific integrated circuit (ASIC) producing giant, Bitmain, has debuted its […]

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Bitcoin decentralization is a matter of national security — Auradine CEO

October 4, 2024 Coin Telegraph

ASIC

According to CryptoQuant, the current Bitcoin network difficulty is 88.4 trillion — down from the 92 trillion recorded on Sept. 20, 2024.

Maximizing Bitcoin (BTC) decentralization throughout the entirety of the stack is a matter of national security, Rajiv Khemani, co-founder and CEO of mining chip manufacturer Auradine, told Cointelegraph.

The CEO explained that third-party firmware — which updates and changes over time — could theoretically be used to compromise the energy grid or launch a 51% attack on the Bitcoin network.

Auradine’s CEO outlined a potential situation where malicious code embedded within this firmware could shut down mining operations within a certain geography. This could cause a drop in hashrate and network difficulty, making a 51% attack easier to execute.

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Australia to require crypto firms to hold financial services licenses

September 23, 2024 Coin Telegraph

afs license

Licensing requirements for crypto exchanges in Australia will be extended beyond those related to digital currency exchanges.

Australian regulators are reportedly preparing new legislation to require cryptocurrency exchanges to obtain financial services licenses.

Licensing requirements for crypto exchanges in Australia are set to be extended beyond those related to digital currency exchanges, The Australian Financial Review (AFR) reported.

According to Australian Securities and Investments Commission (ASIC) commissioner Alan Kirkland, the new requirements are necessary because the regulator considers that the Corporations Act captures most major crypto assets like Bitcoin (BTC) and Ether (ETH).

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Kraken Crypto Exchange Operator Fined by Australian Court

August 24, 2024 Bitcoin.com

ASIC

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 […]

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Bitcoin Miner Bitdeer Unveils $150M Convertible Notes Offering With 8.5% Yield

August 17, 2024 Bitcoin.com

Bitcoin Miner Bitdeer Unveils 0M Convertible Notes Offering With 8.5% Yield

ASIC

Bitdeer Technologies Group has set the stage for a $150 million convertible notes offering, featuring an annual interest rate of 8.5%. The deal is scheduled to wrap up on Aug. 20, 2024. This move aligns with a broader trend in the bitcoin mining sector, where firms have collectively secured $2.1 billion through stock offerings since […]

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ASX sued over prior statements about its now-abandoned blockchain project

August 14, 2024 Coin Telegraph

ASIC

The Australian Securities and Investments Commission has sued the stock exchange for alleged “misleading statements” it made over its abandoned blockchain upgrade plan.

The Australian Securities and Investments Commission (ASIC) has sued the country’s leading stock exchange in Federal Court, alleging it made “misleading and deceptive” statements over its now-abandoned project to replace its aging systems with blockchain technology.

ASIC said on Aug. 14 that the Australian Securities Exchange’s (ASX’s) statements that the replacement project for its Clearing House Electronic Subregister System (CHESS) trading platform was “on track for go-live” in April 2023 and was “progressing well” were misleading.

The regulator claimed the project “was not tracking to plan” at the time the statements were made in early February 2022, and the ASX had no “reasonable basis” to imply the project would be ready by that date.

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Australian Court Convicts Bitconnect Promoter for Providing Unlicensed Advice

July 16, 2024 Bitcoin.com

ASIC

John Bigatton, the Australian promoter of Bitconnect, has been convicted by the Sydney District Court for providing unlicensed financial advice, violating section 911B(1) of the Corporations Act 2001, the Australian Securities and Investments Commission (ASIC) announced Monday. Between August 2017 and January 2018, Bigatton promoted Bitconnect through seminars and social media, claiming significant returns on […]

ASIC

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