Australian Court Convicts BPS Financial for Unlicensed Crypto Operations

• Australian court finds BPS guilty of unlicensed crypto operations with Qoin Wallet.
• BPS is guilty of misleading marketing, selling over $40 million in Qoin Tokens without proper authorization.
• ASIC chair Joe Longo emphasizes the critical need for crypto providers to hold appropriate licenses.

Australia’s crypto community now feels the impact of crypto enforcement as the nation’s primary financial regulator secures its maiden court victory against BPS, the provider of the Qoin Wallet.

On May 3, the Australian Federal Court found BPS Financial guilty of operating without a license. The ruling grants victory to the Australian Securities and Investments Commission (ASIC), which charged BPS Financial for its promotion of QOIN tokens outside established laws.

Since January 2020, BPS actively marketed Qoin tokens as a payment method for goods and services to both individual consumers and business proprietors, who were referred to as ‘Qoin Merchants.’ By the end of September 2022, the Qoin Wallet had been distributed over 93,000 times, and BPS had amassed more than $40 million from selling Qoin Tokens. 

In his ruling, Justice Downes determined that the Qoin W…

The post Australian Court Convicts BPS Financial for Unlicensed Crypto Operations appeared first on Coin Edition.