Coinspeaker
Australian Regulator Secures First Victory in Non-Cash Payment Case Involving Crypto
According to an announcement on Friday, the case involving BPS Financial Pty Ltd (BPS) saw Justice Downes of the Federal Court of Australia affirm ASIC’s claims regarding unauthorized operations by the company.
The legal battle began in October 2022 when ASIC accused BPS of making false, misleading, and deceptive representations regarding its Qoin Wallet offerings. The product is a non-cash payment tool that uses a digital asset known as the Qoin token to facilitate payments for customers. The securities watchdog also claimed that BPS violated the country’s Corporations Act as it was not registered under the Australian Financial Services Licence or authorized by a license holder to legally provide such services to customers.
Justice Downes’ ruling, however, confirmed these allegations. The court ruled that the company misled consumers about the Qoin Wallet’s functionali
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