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Kraken, Binance, Block Earner: ASIC's Crypto Cases and $32 Million in Penalties

What the courts decided in seven ASIC releases since December 2024, including the High Court's Block Earner ruling.

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The short version: Australian courts have ordered $32 million in penalties against crypto firms in ASIC cases we track: $8 million against Bit Trade, which operated Kraken in Australia (ASIC 24-274MR); $10 million against Oztures Trading, trading as Binance Australia Derivatives (ASIC 26-055MR); and $14 million against BPS Financial over the Qoin Wallet (ASIC 26-008MR). In June 2026 ASIC won its Block Earner appeal in the High Court (ASIC 26-124MR).

Court penalties in ASIC crypto casesA$ million, as announced by ASIC. BPS Financial Pty Ltd: 14; Oztures Trading Pty Ltd: 10; Bit Trade Pty Ltd: 8Court penalties in ASIC crypto casesA$ million, as announced by ASICBPS Financial Pty Ltd1427 Jan 2026Oztures Trading Pty Ltd1027 Mar 2026Bit Trade Pty Ltd812 Dec 2024Source: ASIC. VASP Tracker
Total $32 million. Source: ASIC media releases (list). Download: SVG · PNG · CC BY 4.0

Kraken

ASIC said Bit Trade offered a ‘margin extension’ product to more than 1,100 customers from October 2021 without a target market determination, and that it was ASIC's first penalty for failing to have one (ASIC 24-274MR, December 2024).

Binance

ASIC sued Oztures Trading in December 2024 (ASIC 24-283MR). In March 2026 the Federal Court ordered a $10 million penalty; ASIC said 524 retail investors had been misclassified as wholesale clients and exposed to crypto derivatives without retail protections (ASIC 26-055MR). Oztures is a different company from Investbybit Pty Ltd, which is on AUSTRAC's register trading as Binance Australia (Binance Australia).

Block Earner and Finder

ASIC lost at the Full Federal Court on Block Earner in 2025 (ASIC 25-062MR) and on Finder Wallet's Finder Earn product (ASIC 25-147MR). On 17 June 2026 the High Court ruled 7-0 that Block Earner's fixed-yield Earner product was a financial product requiring an AFS licence (ASIC 26-124MR).

All cases: ASIC crypto cases. We track these releases only; ASIC has taken other crypto-related actions.

Sources

  1. ASIC 26-124MR www.asic.gov.au
  2. ASIC 26-055MR www.asic.gov.au
  3. ASIC 26-008MR www.asic.gov.au
  4. ASIC 25-147MR www.asic.gov.au
  5. ASIC 25-062MR www.asic.gov.au
  6. ASIC 24-283MR www.asic.gov.au
  7. ASIC 24-274MR www.asic.gov.au

Cite This Page

VASP Tracker, “Kraken, Binance, Block Earner: ASIC's crypto cases and $32 million in penalties”, https://vasptracker.com/en/au/analysis/australia-asic-crypto-court-cases/ (accessed 21 Oct 2026). CC BY 4.0.

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