Recent reports revealed that the Australian Securities and Investment Commission (ASIC) was granted its first victory on a non-cash payment case involving cryptocurrencies. Per the documents, an Australian court ruled partially in favor of the watchdog’s lawsuit against BPS Financial Pty Ltd (BPS).
“Qoin Scheme” Earns $26 Million In Sales
In 2022, ASIC initiated civil penalty procedures against BPS for alleged “misleading, false or deceptive” advertising and engaging in unlicensed operations with a non-cash payment facility involving a crypto asset token.
The Australian regulator claimed that the Qoin Facility was a “non-cash payment facility” established by the company in 2020. The “Qoin scheme” included the Qoin tokens, the Qoin Wallet, and a distributed digital ledger implemented by blockchain technology.
Moreover, ASIC alleged that BPS promoted the tokens to retail consumers and business owners as a payment method for “goods and services offered by
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