ASIC sues BPS Financial Limited, company behind cryptocurrency Qoin, in Federal Court
ABCThe corporate watchdog has launched legal action against the company that owns Gold Coast-based digital currency Qoin, alleging it made false, misleading or deceptive representations to almost 80,000 users. Key points: ASIC has commenced civil penalty proceedings against BPS Financial Limited The director of BPS says the company will defend the matter ASIC says 79,000 people or businesses have been affected by the alleged conduct BPS Financial Limited is also being accused of engaging in unlicensed conduct and the Australian Securities and Investments Commission has commenced civil penalty proceedings in the Federal Court against the company. It also claims BPS made false, misleading or deceptive statements by stating that consumers could use Qoin to purchase goods and services through an increasing number of businesses and merchants that use the digital currency. ASIC claimed that statements from BPS that Qoin was compliant with financial services laws and that the application used to transact it was registered, regulated or approved in Australia were false, misleading or deceptive.
History of this topic
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