Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Bit Trade Pty Ltd [2024] FCA 953 File number: NSD 1039 of 2023
Judgment of: NICHOLAS J
Date of judgment: 23 August 2024
Catchwords: CORPORATIONS – where respondent issued financial product involving a margin extension facility used to purchase cryptocurrency on digital exchange – whether financial product issued without target market determination in contravention of Part 7.8A of the Corporations Act 2001 (Cth) – whether debt incurred through use of financial product – whether obligation to pay cryptocurrency is a monetary obligation in the nature of a debt – whether conditional obligation to pay margin extension amount in national currency is a monetary obligation in the nature of a debt Held: contravention of s 994B of the Corporations Act 2001 (Cth) established
Legislation: Australian Securities Investments Commission Act 2001 (Cth) s 12BAA Corporations Act 2001 (Cth) ss 761E(2), 766C, 994AA, 994B, 1317S(2) Evidence Act 1995 (Cth) s 191 Australian Securities and Investments Commission Regulations 2001 (Cth) reg 2B Bankruptcy Regulations (2021) (Cth) regs 12, 24 Corporations Law (Repealed) s 588G1(1) Corporations Regulations 2001 (Cth) reg 7.8A.20 Companies (NSW) Code (Repealed) s 556
Cases cited: AA v Persons Unknown [2019] EWHC 3556 Australian Securities and Investments Commission v Web3 Ventures Pty Ltd [2024] FCA 64 Daewoo Australia Pty Ltd v Suncorp Metway Ltd (2000) 48 NSWLR 692 Fryer v Powell (2001) 159 FLR 433 Geeveekay Pty Ltd v Director of Consumer Affairs Victoria (2008) 19 VR 512 Hawkins v Bank of China (1992) 26 NSWLR 562 International Litigation Partners Pte Ltd v Chameleon Mining NL (Receivers and Managers Appointed) (2012) 246 CLR 455 Jolley v Mainka (1933) 49 CLR 242 Miliangos v George Frank (Textiles) Ltd [1976] AC 443 Tulip Trading Limited v Bitcoin Association for BSV [2023] EWCA Civ 83 Travelex Limited v Commissioner of Taxation [2008] FCA 1961 Vehicle Wash Systems Pty Ltd v Mark VII Equipment Inc (1997) 80 FCR 571 Webb v Stenton (1883) 11 QBD 518 Proctor, Mann and Proctor on the Law of Money, Eighth Edition, Oxford University Press, 2022
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