The order by ASIC came after an Australian court found that the exchange violated local rules by offering fiat-based margin products.
Its Australian customers incurred trading losses of more than US$5 million with these margin products.
Kraken launches crypto derivatives in Europe
The Australian operator of the crypto exchange Kraken has been ordered to pay AU$8 million (about US$5.1 million) by the local financial markets regulator for illegally offering margin products to more than 1,100 customers in the country.
Kraken’s Australian Rule Violations
Announced today (Thursday), the order by the Australian Securities and Investments Commission (ASIC) came more than three months after an Australian court found that the crypto exchange operator, Bit Trade, violated local rules by offering fiat-based margin products.
Kraken offered customers credit for selling and purchasing cryptocurrencies, which it calls “margin extension,” with repayment made in either digital assets or fiat. Its customers could use this extension to receive credit up to five times the value of the collateral asset.
The violation concerned Australia’s mandatory design and distribution obligations (DDO), which require financial services providers to offer products based on a target market determination (TMD). Kraken failed to meet this requirement and offered these products to all customers from October 2021, when the DDO rules were implemented. However, the margin products had been available to Australians since January 2020.
Joe Longo, the Chairman of ASIC
“Target market determinations are fundamental in ensuring that investors are not inappropriately marketed products that could harm them,” said ASIC Chair Joe Longo.
“ASIC believes many products offered by digital asset firms fall under current laws,” Longo added, “which means these products must be properly designed and marketed to the right consumers to ensure Australians receive appropriate protections.”
Australia’s Mandatory Regulations for Financial Services Providers
ASIC implemented the DDO rules in October 2021 and has strictly enforced these obligations for financial services companies. Providers must ensure their products are designed with consumer needs in mind and distributed in a targeted manner. They are also required to monitor outcomes and reassess their product governance arrangements over time.
The regulator has taken action against several financial services providers for violating DDO rules, with most cases resulting in minor stop orders. Similar to Kraken, eToro is another platform currently facing legal challenges.
Meanwhile, the Australian agency recently released a consultation paper proposing mandatory licensing for crypto companies.
The Australian operator of the crypto exchange Kraken has been ordered to pay AU$8 million (about US$5.1 million) by the local financial markets regulator for illegally offering margin products to more than 1,100 customers in the country.
Kraken’s Australian Rule Violations
Announced today (Thursday), the order by the Australian Securities and Investments Commission (ASIC) came more than three months after an Australian court found that the crypto exchange operator, Bit Trade, violated local rules by offering fiat-based margin products.
Kraken offered customers credit for selling and purchasing cryptocurrencies, which it calls “margin extension,” with repayment made in either digital assets or fiat. Its customers could use this extension to receive credit up to five times the value of the collateral asset.
The violation concerned Australia’s mandatory design and distribution obligations (DDO), which require financial services providers to offer products based on a target market determination (TMD). Kraken failed to meet this requirement and offered these products to all customers from October 2021, when the DDO rules were implemented. However, the margin products had been available to Australians since January 2020.
Joe Longo, the Chairman of ASIC
“Target market determinations are fundamental in ensuring that investors are not inappropriately marketed products that could harm them,” said ASIC Chair Joe Longo.
“ASIC believes many products offered by digital asset firms fall under current laws,” Longo added, “which means these products must be properly designed and marketed to the right consumers to ensure Australians receive appropriate protections.”
Australia’s Mandatory Regulations for Financial Services Providers
ASIC implemented the DDO rules in October 2021 and has strictly enforced these obligations for financial services companies. Providers must ensure their products are designed with consumer needs in mind and distributed in a targeted manner. They are also required to monitor outcomes and reassess their product governance arrangements over time.
The regulator has taken action against several financial services providers for violating DDO rules, with most cases resulting in minor stop orders. Similar to Kraken, eToro is another platform currently facing legal challenges.
Meanwhile, the Australian agency recently released a consultation paper proposing mandatory licensing for crypto companies.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
NYSE Parent Drops $2 Billion on Prediction Market Polymarket
Finance Magnates Awards 2025 | Judge Insights with Andrea Badiola Mateos | Finance Magnates Co-CEO
Finance Magnates Awards 2025 | Judge Insights with Andrea Badiola Mateos | Finance Magnates Co-CEO
What makes a true category leader and why is it so important that both industry votes and expert evaluation shape the Finance Magnates Annual Awards?
In this episode of our Finance Magnates Annual Awards 2025 Judges Interview Series, we speak with Andrea Badiola Mateos, Co-CEO of Finance Magnates, who shares her insights on:
The qualities that separate a true category leader from the rest.
Why combining industry votes with expert evaluation makes the awards uniquely representative and democratic.
How she assesses long-term value among fintech nominees.
🎥 Watch the full interview now and stay tuned for upcoming episodes with more judges.
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#FinanceMagnates #FMAwards2025 #Fintech #Brokerage #Leadership #Innovation
What makes a true category leader and why is it so important that both industry votes and expert evaluation shape the Finance Magnates Annual Awards?
In this episode of our Finance Magnates Annual Awards 2025 Judges Interview Series, we speak with Andrea Badiola Mateos, Co-CEO of Finance Magnates, who shares her insights on:
The qualities that separate a true category leader from the rest.
Why combining industry votes with expert evaluation makes the awards uniquely representative and democratic.
How she assesses long-term value among fintech nominees.
🎥 Watch the full interview now and stay tuned for upcoming episodes with more judges.
👉 Subscribe to our channel for all the latest updates ahead of the #FMAwards2025 Gala.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
👍 Facebook: / https://www.facebook.com/financemagnates/
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#FinanceMagnates #FMAwards2025 #Fintech #Brokerage #Leadership #Innovation
“Education & Information Are Key” – Ricardo Dias on Finance Magnates
“Education & Information Are Key” – Ricardo Dias on Finance Magnates
Ricardo Dias from Spotware shares why Finance Magnates is his go-to source for industry insights, education, and fast, high-quality information.
“I like the part of the industry insights, the news, and especially the education. Fast and quality information is the best way for traders and companies to succeed in a very difficult industry.” – Ricardo Dias, Spotware
👉 Subscribe to Finance Magnates for more exclusive testimonials and industry insights.
📍 Filmed during iFX Expo International 2025.
Ricardo Dias from Spotware shares why Finance Magnates is his go-to source for industry insights, education, and fast, high-quality information.
“I like the part of the industry insights, the news, and especially the education. Fast and quality information is the best way for traders and companies to succeed in a very difficult industry.” – Ricardo Dias, Spotware
👉 Subscribe to Finance Magnates for more exclusive testimonials and industry insights.
📍 Filmed during iFX Expo International 2025.
More Volume, More Revenue, Better Traders: Crypto Derivatives with Shift Markets
More Volume, More Revenue, Better Traders: Crypto Derivatives with Shift Markets
Derivatives trading has rapidly overtaken spot trading as the driving force in crypto markets. In this exclusive webinar with Shift Markets, we explore the rise of crypto derivatives and how exchanges, brokerages, and new market venues can leverage them for growth.
Ian McAfee, Co-Founder & CEO of Shift Markets, and Michael Zimkind, VP of Business Development, break down:
➤The mechanics of futures, perpetual swaps, and options
➤Why derivatives are reshaping the industry and outpacing spot markets
➤How integrating derivatives can boost trading activity, retention, and profitability
➤Real-world case studies from centralized and decentralized exchanges that scaled successfully with derivatives
Whether you run a spot-only crypto exchange, an FX brokerage, or are building a new platform, this session provides a clear roadmap to unlocking revenue and attracting higher-quality traders.
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
Connect with us today:
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#CryptoDerivatives #CryptoTrading #FuturesTrading #OptionsTrading #PerpetualSwaps #CryptoExchange #TradingInsights #CryptoMarkets #ExchangeGrowth #FintechInnovation #TradingEducation #CryptoWebinar #ShiftMarkets #OnlineEvent
Derivatives trading has rapidly overtaken spot trading as the driving force in crypto markets. In this exclusive webinar with Shift Markets, we explore the rise of crypto derivatives and how exchanges, brokerages, and new market venues can leverage them for growth.
Ian McAfee, Co-Founder & CEO of Shift Markets, and Michael Zimkind, VP of Business Development, break down:
➤The mechanics of futures, perpetual swaps, and options
➤Why derivatives are reshaping the industry and outpacing spot markets
➤How integrating derivatives can boost trading activity, retention, and profitability
➤Real-world case studies from centralized and decentralized exchanges that scaled successfully with derivatives
Whether you run a spot-only crypto exchange, an FX brokerage, or are building a new platform, this session provides a clear roadmap to unlocking revenue and attracting higher-quality traders.
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
👍 Facebook: / https://www.facebook.com/financemagnates/
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🐦 X: https://x.com/financemagnates?
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▶️ YouTube: / @financemagnates_official
#CryptoDerivatives #CryptoTrading #FuturesTrading #OptionsTrading #PerpetualSwaps #CryptoExchange #TradingInsights #CryptoMarkets #ExchangeGrowth #FintechInnovation #TradingEducation #CryptoWebinar #ShiftMarkets #OnlineEvent
Axi Select’s role in reshaping the prop firm space & empowering traders | FM Talks with Greg Rubin
Axi Select’s role in reshaping the prop firm space & empowering traders | FM Talks with Greg Rubin
In this FM Talks interview, Greg Rubin, Head of Axi Select, speaks with Nicole Cheimona, Content and Community Executive at Finance Magnets, to discuss how Axi Select is redefining trader funding.
Greg clarifies that Axi Select isn't a traditional prop firm. Instead, it's a trader-centric program built on live accounts and the strength of the Axi brokerage. He highlights their commitment to a fair playing field, offering crucial educational resources, and providing real-life trading conditions without the restrictive rules (like daily drawdowns or news trading limits) common elsewhere.
He stresses that the trading conditions are paramount to long-term success. The structured program guides traders, solving the common problem of undercapitalization and over-leveraging, with the ultimate potential to manage $1 million of their funds.
Greg also touches on the importance of risk management and trading psychology among successful participants. Get a look at their role in the evolving landscape of regulation and a hint at exciting upcoming features, including a new dashboard and developments for their top traders.
#AxiSelect #TraderFunding #FMtalks
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
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▶️ YouTube: / @financemagnates_official
In this FM Talks interview, Greg Rubin, Head of Axi Select, speaks with Nicole Cheimona, Content and Community Executive at Finance Magnets, to discuss how Axi Select is redefining trader funding.
Greg clarifies that Axi Select isn't a traditional prop firm. Instead, it's a trader-centric program built on live accounts and the strength of the Axi brokerage. He highlights their commitment to a fair playing field, offering crucial educational resources, and providing real-life trading conditions without the restrictive rules (like daily drawdowns or news trading limits) common elsewhere.
He stresses that the trading conditions are paramount to long-term success. The structured program guides traders, solving the common problem of undercapitalization and over-leveraging, with the ultimate potential to manage $1 million of their funds.
Greg also touches on the importance of risk management and trading psychology among successful participants. Get a look at their role in the evolving landscape of regulation and a hint at exciting upcoming features, including a new dashboard and developments for their top traders.
#AxiSelect #TraderFunding #FMtalks
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
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What makes a brokerage brand truly stand out in serving retail traders?
In this second episode of our Finance Magnates Annual Awards 2025 Judges Interview Series, we speak with Itai Levitan, Head of Strategy at investingLive.
He shares insights on:
Signals that show when a brokerage genuinely supports retail traders and investors
How he weighs UX, trust, and technical performance when reviewing nominees
What makes fintech tools impactful in helping brokers better serve everyday traders
🎥 Watch the full interview now and stay tuned for upcoming judge insights leading up to the gala.
👉 Subscribe to our channel for more interviews from the #FMAwards2025 panel.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
👍 Facebook: / https://www.facebook.com/financemagnates/
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▶️ YouTube: / @financemagnates_official
#FinanceMagnates #FMAwards2025 #Fintech #Brokerage #Innovation
What makes a brokerage brand truly stand out in serving retail traders?
In this second episode of our Finance Magnates Annual Awards 2025 Judges Interview Series, we speak with Itai Levitan, Head of Strategy at investingLive.
He shares insights on:
Signals that show when a brokerage genuinely supports retail traders and investors
How he weighs UX, trust, and technical performance when reviewing nominees
What makes fintech tools impactful in helping brokers better serve everyday traders
🎥 Watch the full interview now and stay tuned for upcoming judge insights leading up to the gala.
👉 Subscribe to our channel for more interviews from the #FMAwards2025 panel.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
👍 Facebook: / https://www.facebook.com/financemagnates/
📸 Instagram: / https://www.instagram.com/financemagnates_official/?hl=en
🐦 X: https://x.com/financemagnates?
🎥 TikTok: https://www.tiktok.com/tag/financemag...
▶️ YouTube: / @financemagnates_official
#FinanceMagnates #FMAwards2025 #Fintech #Brokerage #Innovation