ASIC action results in $14m crypto penalties
The crypto sector has received a strong message as a result of BPS Financial being penalised to the tune of $14 million over its promotion and operation of its Qoin Wallet product.
The Australian Securities and Investments Commission (ASIC) announced the Federal Court decision today, noting that BPS Financial promoted the Qoin Wallet as a non-cash payment facility linked to a digital crypto token called Qoin.
The ASIC statement said that in 2024, the Federal Court found that BPS Financial engaged in unlicensed…
