The Kraken, Mad As Hell
Business

Crypto exchange Kraken cops $8m fine for unlawful credit with ‘margin extension’ that cost more than 1000 customers millions in losses

- December 12, 2024 2 MIN READ

The company running the Kraken crypto exchange in Australia has been handed an $8 million penalty by the Federal Court for unlawfully issuing a credit facility to more than 1100 customers. The fine follows legal action by the corporate regulator ASIC against Bit Trade Pty Ltd, launched in September last year, over its ‘margin extension’… Read more »

Cryptocurrency

Finder just had a big win against the corporate cop, ASIC, over its crypto wallet

- March 14, 2024 2 MIN READ

Finder’s crypto product, Earn, complied with the financial law, the Federal Court has found, dismissing legal action launched by the corporate regular against the fintech. It was a comprehensive win against the Australian Securities and Investments Commission (ASIC) for Finder, with Justice Brigitte Markovic also awarding costs against the regulator. ASIC sued Finder Wallet for… Read more »

Sam Altman
AI/Machine Learning

The fight at OpenAI is a reminder that we need to take a closer look at whether AI developers can regulate themselves

- December 5, 2023 3 MIN READ

OpenAI, developer of ChatGPT and a leading innovator in the field of artificial intelligence (AI), was recently thrown into turmoil when its chief-executive and figurehead, Sam Altman, was fired. As it was revealed that he would be joining Microsoft’s advanced AI research team, more than 730 OpenAI employees threatened to quit. Finally, it was announced… Read more »

Twitter, X, rebrand, Elon Musk
Social Media

Elon Musk’s rebranded Twitter has been fined $610,000 by Australian authorities for failing to respond to concerns about child sex abuse material

- October 18, 2023 4 MIN READ

Australia’s eSafety Commissioner, Julie Grant, has found X (formerly Twitter) guilty of serious non-compliance to a transparency notice on child sex abuse material. The commissioner has issued X with an infringement notice for A$610,500. The commissioner first issued transparency notices to Google, X (then Twitter), Twitch, TikTok and Discord in February under the Online Safety… Read more »

dogecoin, cryptocurrency
Cryptocurrency

The Australian government wants crypto exchanges to have a financial services licence

- October 17, 2023 3 MIN READ

Cryptocurrency exchanges will need to need to hold an Australian financial services licence (AFSL) under plans to regulate the sector from the federal government. A proposal paper on regulating the sector has been released by Treasury for feedback by December 1. The government wants to use existing financial services laws with threshold triggers, including an… Read more »

Andrew Bragg
Cryptocurrency

Senator Andrew Bragg gets cracking on crypto regulation with private bill

- March 31, 2023 2 MIN READ

Senator Andrew Bragg is pushing once again to introduce regulation for the cryptocurrency sector in Australia, amid ongoing exchange collapses and US regulators investigating alleged illegal activity by Binance. The NSW Liberal, now in opposition, introduced a private senator’s bill to the Senate on Wednesday, accusing financial services minister Stephen Jones of being “uninterested in… Read more »

Andrew Bragg
Startup Daily TV

Startup Daily TV: Crypto report author Senator Andrew Bragg says the government needs to act now on consumer protection

- August 23, 2022 2 MIN READ

The architect of the Senate report into regulating Australia’s cryptocurrency sector, released nearly a year ago, says the new Labor government needs to get on with introducing legislation rather than once again reviewing existing reviews into the issue. Liberal senator Andrew Bragg coauthored a landmark Senate Select Committee report into digital asset regulation last year,… Read more »

Dogecoin
Cryptocurrency

The Albanese government is finally getting cracking on crypto regulation

- August 23, 2022 4 MIN READ

The Albanese government is looking to map out Australia’s cryptocurrency landscape, taking a slower approach to digital asset regulation and reform than the former Morrison government. In a joint announcement on Monday by federal treasurer Jim Chalmers, Assistant Treasurer Stephen Jones and competition, charities and treasury assistant minister Dr Andrew Leigh, they said “the first step… Read more »

Rod Sims, ACCC
Other

Australia’s competition boss is rallying global regulators to take on Apple and Google over their app store dominance

- August 19, 2021 2 MIN READ

Rod Sims, chair of competition watchdog the ACCC, has told his colleagues around the world that the dominance of Apple and Google in app marketplaces may need to be tackled globally with new rules and regulations. In a speech to the Global Competition Review webinar outlining how Australia has been tackling the issue through the… Read more »

  • 1
  • 2