Australian Regulator Triumphs in Landmark Crypto Non-Cash Payment Case: A New Era for Bitcoin (BTC) Regulations?

• The Australian Securities and Investment Commission (ASIC) has won its first case involving cryptocurrencies against BPS Financial Pty Ltd (BPS).
• The case involved the “Qoin scheme” which earned $26 million in sales.
• The Australian Federal Court ruled that BPS was guilty of most of the charges leveled by ASIC.

ASIC wins a landmark case against BPS Financial Pty Ltd involving the “Qoin scheme”, marking a significant ruling in the crypto industry.

ASIC’s First Victory in Crypto Case

The Australian Securities and Investment Commission (ASIC) has won its first case involving cryptocurrencies. The case was against BPS Financial Pty Ltd (BPS), a company that allegedly engaged in misleading advertising and unlicensed operations with a non-cash payment facility involving a crypto asset token. The “Qoin scheme” included the Qoin tokens, the Qoin Wallet, and a distributed digital ledger implemented by blockchain technology.

The “Qoin Scheme”

The “Qoin scheme” was established by BPS in 2020 and included the Qoin tokens, the Qoin Wallet, and a distributed digital ledger. The tokens were promoted to retail consumers and business owners as a payment method for goods and services offered by Qoin Merchants. However, the tokens could only be traded on the BTX Exchange, a company under BPS. The crypto exchange only allowed trading Qoin tokens for Australian dollars, and over time, it alleged... Read the full article for FREE at COINOTAG!