Australian Court Slams BPS Financial for Illicit Crypto Activities: A Wake-Up Call for Bitcoin (BTC) Traders

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Australian court has found BPS Financial guilty of operating unlicensed crypto operations with the Qoin Wallet.
BPS has been accused of misleading marketing and selling over $40 million in Qoin Tokens without proper authorization.
ASIC chair Joe Longo emphasizes the importance of crypto providers holding appropriate licenses.

The Australian Federal Court has found BPS Financial guilty of operating unlicensed crypto operations with the Qoin Wallet, marking a significant development in the regulation of cryptocurrency in Australia.

BPS Found Guilty of Unlicensed Crypto Operations

The Australian Federal Court has ruled that BPS Financial was operating without a license, granting victory to the Australian Securities and Investments Commission (ASIC). BPS Financial was charged for promoting QOIN tokens outside established laws. This ruling comes as a significant blow to BPS, which had marketed Qoin tokens as a payment method for goods and services to both individual consumers and business proprietors, referred to as ‘Qoin Merchants.’

Qoin Wallet Constitutes a Financial Product

Justice Downes, in his ruling, determined that the Qoin Wallet constituted a financial product, specifically, a non-cash payment facility. As such, BPS was found to be in violation of the Corporations Act by not holding an Australian Financial Services License. This ruling has far-reaching i... Read the full article for FREE at COINOTAG!