The Australian securities regulator recently revealed that the crypto lending platform Helio pleaded guilty to the allegation of falsely claiming to be a holder of the Australian Credit License (ACL). For admitting to committing the offense, Helio is said to have entered a “recognisance” of $9,560 (AUD15,000) for 12 months which is contingent on the crypto lender’s good behavior.
Helio Said to Be in Breach of Australian Consumer Protection Law
The Australian Securities and Investments Commission (ASIC) announced on Aug. 17 that the Melbourne-based cryptocurrency lender Helio Lending has been sentenced for falsely claiming it held a credit license. According to the regulator, such a claim is in breach of section 30 of Australia’s National Consumer Credit Protection Act 2009.
In a statement, the Aussie securities regulator revealed that the license claim was made in an article that appeared on Helio’s website in Aug. 2019. The regulator argued that Helio portrayed itself as a l
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