The Australian Securities and Investments Commission (ASIC) has won a court case against BPS Financial. The company is accused of fraud in its cashless payment facilities backed by Qoin tokens.
The Federal Court of Australia found that BPS had made four false claims. Specifically, BPS claimed that Qoin was registered or approved by the government, could lawfully complain, was freely convertible into other cryptoassets or fiat currencies, and was accepted by a growing network of merchants.
The court ruled that BPS had breached the Companies Act and the Australian Securities and Investments Commission Act. It ordered the parties to agree on next steps, which could include penalties, before another hearing this year.
BPS launched Qoin in January 2020. According to its website, the Qoin ecosystem consists of tokens, blockchain, wallets and "payment facilities". It added that Qoin has over 100,000 users and 36,000 registered merchants, with 394 million Qoin tokens in circulation as of the end of June 2021.
Australian court rules Qoin issuer BPS Financial faces four charges
2024-05-04 11:08:31
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