Australian Securities
and Investments Commission
Office address (inc courier deliveries):
Level 5, 100 Market Street,
Sydne y NSW 2000
Mail address for Sydney office:
GPO Box 9827,
Melbourne VIC 3001
24 March 2024
Tel: +61 1300 935 075
Fax: +61 1300 729 000
www.asic.gov.au
Lloyd Butler
By email: xxxxxxxxxxxxxxxxxxxxxxxxxx@xxxxxxxxxxx.xxx.xx
Freedom of Information Request No. FOI 049 - 2025
Notice of Decision
Dear Lloyd
I refer to your request dated 22 February 2025 under the
Freedom of Information Act 1982
(FOI Act) in which you seek access to documents in the possession of the Australian Securities
and Investments Commission (ASIC).
Your request states the following:
“I am submitting a Freedom of Information (FOI) request under the Freedom of Information
Act 1982 to obtain documents, correspondence, and internal records from 1 January 2021 to
present related to ASIC’s investigation, enforcement actions, and regulatory decisions
concerning Bit Trade Pty Ltd (ACN 163 237 634), the operator of Kraken in Australia.
Scope of Request
1. ASIC’s Oversight of Bit Trade’s AFSL and External Dispute Resolution (EDR) Compliance
- Internal communications and assessments regarding Bit Trade’s non-membership in AFCA
and whether this was considered a breach of s912A(1)(g) of the Corporations Act 2001 (Cth).
- Any exemptions, waivers, or regulatory determinations granted to Bit Trade regarding AFCA
membership or alternative dispute resolution mechanisms.
2. Regulatory Decisions and Compliance Exemptions Beyond Publicly Announced Actions
- ASIC, ACCC, ASOC (Attorney-General’s Department), and Treasury correspondence
discussing compliance waivers, exemptions, or regulatory relief granted to Bit Trade
regarding AFSL obligations and consumer protection laws.
- Documents assessing whether Bit Trade’s terms of service and dispute resolution
mechanisms contravene Australian Consumer Law (ACL) or the Competition and Consumer
Act 2010 (Cth).
- Any formal or informal engagements between ASIC, ACCC, ASOC, and Treasury regarding
Kraken/Bit Trade’s regulatory treatment, compliance approach, or enforcement priorities.
We acknowledge receipt of your request and will process it in accordance with the FOI Act.
We will notify you.”
The 30-day statutory time period for processing your request commenced on the day after
the day on which your request was received.
I am the authorised decision-maker for the purposes of section 23 of the FOI Act and this
letter gives notice of my decision.
Decision
My decision is to refuse access to your request on the basis that there are no documents in
scope.
I have taken the following material into account in making my decision:
• the terms of your request;
• details of the searches conducted by ASIC staff;
• the FOI Act, specifically section 24A(1); and
• the Australian Information Commissioner’s FOI Guidelines issued under s 93A of the FOI
Act (FOI Guidelines).
Reasons for my decision
Requests may be refused if documents cannot be found, do not exist or have not been
received
Section 24A(1) of the FOI Act sets out the following:
(1) An agency or Minister may refuse a request for access to a document if:
a) all reasonable steps have been taken to find the document; and
b) the agency or Minister is satisfied that the document:
i.
is in the agency's or Minister's possession but cannot be found; or
ii.
does not exist.
Searches were conducted by relevant teams for documents captured by the terms of your
request. The searches involved using manual and keyword searches across the appropriate
case management systems to locate documents that fall within scope of your request.
However based off the team’s searches, no document have been captured.
My decision is to therefore refuse your request for access to documents under section 24A(1)
of the FOI Act on the basis that ASIC has taken all reasonable steps to find documents within
the scope of your current request and I am satisfied that they cannot be found or do not
exist.
Review rights
In the event that you are dissatisfied with the decision
1. You may, within 30 days after the day on which you have been notified of this
decision, apply in writing to ASIC for an internal review of my decision under section
54B of the FOI Act. This review is an independent process conducted by a Senior
Freedom of Information Officer at ASIC. This request should be addressed to me or to
the Senior Manager, Freedom of Information, by email to xxxxxxxxxx@xxxx.xxx.xx.
2. You may within 60 days after the day on which you have been notified of this
decision, apply in writing to the Office of the Australian Information Commissioner
(OAIC) for a review of my decision under section 54N of the FOI Act. You may
contact the OAIC by post at GPO Box 5218 Sydney NSW 2001, by email at
xxxxx@xxxx.xxx.xx or by telephone on 1300 363 992.
Right to complain
3. You may lodge a complaint with the OAIC in relation to the conduct of ASIC in the
handling of this request. You may contact the OAIC as set out above.
If you have any questions or wish to discuss, please contact me on (02) 9911 2454 or by email
at xxxxxxx.xxxxxxxxxxxx@xxxx.xxx.xx.
Yours sincerely
Shoumia Nithiananthan
Privacy and Freedom of Information Lawyer
Australian Securities and Investments Commission (ASIC)
