1 year ago
The Australian Securities and Investment Commission (ASIC) has launched ineligible enactment against BPS Financial Pty Ltd (BPS) implicit engaging successful unlicensed behaviour and misleading representations astir its crypto token Qoin, according to an ASIC property merchandise connected Oct. 25.
The Qoin Facility is simply a non-cash outgo installation established successful January 2020.
Qoin tin beryllium bought and sold exclusively done Block Trade Exchange successful speech for Australian dollars astatine a pre-determined price or utilized to bargain goods and services.
Both Qoin and BTX are owned by BPS Financial Pty Ltd.
Misrepresentation and unlicensed conduct
The regulator stated that the institution made false, misleading, oregon deceptive representations erstwhile it informed much than 79,000 individuals and entities issued with Qoin tokens that the integer currency could beryllium exchanged for cryptocurrency oregon Australian dollars via autarkic exchanges.
This occurred against a inheritance of progressively restrictive limits imposed connected the speech process connected the BTX Exchange implicit time.
BPS besides made untrue statements to pb consumers to judge Qoin tokens tin beryllium utilized to acquisition goods and services with a increasing fig of merchants erstwhile the fig was falling.
BPS is besides operating without compliance with fiscal services laws, and the exertion utilized for transactions is not registered, regulated, oregon approved successful Australia arsenic BPS claimed, alleged ASIC.
BPS Financial Limited’s Director Tony Wiese said successful a connection that they disagree with “the presumption of ASIC and volition beryllium defending the matter.”
“Our absorption remains to make the Qoin task exertion and ecosystem,”
He added.
ASIC said the maximum punishment tin tally up to millions of dollars and that it would besides question an injunction from the Federal Court to halt BPS from promoting Qoin.
A tribunal day for the archetypal lawsuit absorption proceeding has not been scheduled yet.
The station Australian watchdog launches ineligible enactment against BPS for misrepresenting ‘crypto’ token Qoin appeared archetypal connected CryptoSlate.
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