Australia’s financial regulator has issued a stark warning to Australian crypto asset providers amid launching civil proceedings against Australian firm BPS Financial Pty Ltd over “misleading” representations concerning its Qoin token.commenced
It alleges the company engaged in “unlicensed conduct” relating to Qoin, a digital currency launched in Oct. 2019 which allows participating merchants to accept as payment for goods and services. “Where it falls within our remit, ASIC will take targeted action against unlicensed conduct and misleading promotion of crypto-asset financial products that could harm consumers — this is a key priority for ASIC.”
The court said they were particularly concerned over BPS Financial’s alleged misrepresentation that the Qoin Facility is regulated in Australia, and that the token can be used to purchase goods and services from an increasing number of merchants registered with BPS.