Qoin rejects potential class action allegations of 'pyramid selling', deception, citing 'witch hunt'

A potential class action planned against Gold Coast digital currency Qoin has been dismissed by its governor following months of criticism about the company's future. Key points: Salerno Law has released a potential claim against Qoin and the digital currency's parent company BPS Financial Limited Qoin claims to have more than 38,000 validated merchants using its currency The BPS director has dismissed the allegations, describing them as part of a "witch hunt" Salerno Law states it will review whether BPS and Qoin have been "engaging in misleading and deceptive conduct … making false or misleading representations … conducting pyramid selling of financial products" and "fraud", and whether it has failed to "comply with financial services obligations" and "consumer guarantees". But BPS director and Qoin governor Tony Wiese said "all it is, at this stage, is an attempt by Salerno Law to gain support". Qoin doesn't meet 'pyramid scheme' Qoin has engaged around 300 agents — described as "independent contractors" by Mr Wiese — who sign people on to the Qoin system. Salerno Law claims potential contraventions of consumer laws conducted by Qoin include "pyramid selling of financial products".