Melbourne-based cryptocurrency lending firm Helio has been subjected to penalties by the Australian Securities and Investment Commission (ASIC) for making false claims about holding an Australian credit license (ACL).
Enforced since 2009 through the National Consumer Credit Protection Bill, the ACL mandates strict criteria for entities offering financial services to consumers, extending to crypto lenders like Helio.
Helio, a subsidiary of US-based Cyios Corporation, which also owns the NFT platform Randomly, falsely publicized its possession of an ACL 391330 credit license in an August 2019 news article.
Helio: False Claims And ASIC’s Action
However, subsequent investigations by Australian regulators uncovered the anomalies of claims made by Helio. The lender’s assertion of obtaining the license through the acquisition of CashFlow Investments was also debunked.
This breach of conduct violated section 30 of the National Consumer Credit Protection Act 2009. Helio admitted guilt to AS
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