Federal Court of Australia Backs ASIC in Case Against Unlicensed Qoin Cryptocurrency (QOIN)

• The Australian Federal Court has ruled in favor of the Australian Securities and Investments Commission (ASIC) against an unlicensed crypto platform, BPS Financial, which allegedly misled customers with its Qoin Wallet.
• The Qoin Wallet, a non-cash payment facility using a crypto-asset token called ‘Qoin’, was falsely represented by BPS Financial, leading to a breach of the Corporations Act.
• ASIC Chair Joe Longo emphasized the importance of crypto platforms having appropriate licenses and authorizations, and providing clear and accurate information to investors.

The Australian Federal Court’s ruling against BPS Financial’s unlicensed Qoin Wallet highlights the importance of regulatory compliance in the crypto industry.

Unlicensed Qoin Wallet Misleads Customers

BPS Financial, a Gold Coast crypto promoter, allegedly broke the law by promoting the unlicensed Qoin Wallet. The firm misled customers by falsely representing the Qoin Wallet as a licensed non-cash payment facility using a crypto-asset token called ‘Qoin’. This breach of the Corporations Act led to the Australian Federal Court ruling in favor of ASIC.