Australia's Federal Court has ruled in favor of the Australian Securities and Investments Commission (ASIC) against Bit Trade Pty Ltd, the operator of Kraken's crypto exchange in Australia. The court found that Bit Trade contravened sections of the Corporations Act by failing to meet design and distribution obligations for its margin trading product and operating as an unlicensed credit facility. Kraken attributed the court loss to unclear crypto regulations. In a separate case in the United States, a judge has ruled that Kraken must face a lawsuit from the Securities and Exchange Commission (SEC) for allegedly operating an unregistered securities exchange. The SEC's argument that crypto tokens sold on Kraken's platform were offered or sold as investment contracts was deemed acceptable by the court, denying Kraken's motion to dismiss the case.