Firm behind cryptocurrency Qoin fined $14m for ‘misleading’ and ‘condemnable’ conduct
A Gold Coast company that launched the Qoin crypto token in 2020 has been fined $14 million by the Federal Court for “serious and unlawful misconduct”.
The Australian Securities and Investments Commission (ASIC) launched legal action against BPS Financial Limited in 2022, alleging it made false, misleading or deceptive representations to about 80,000 people or businesses.
On Tuesday, Justice Kylie Downes ordered BPS pay $14 million in pecuniary penalties, be prohibited from providing unlicensed financial services for 10 years, and publish a notice online outlining the court’s decision.
“From January 2020 until mid-2023 the defendant, BPS Financial Pty Ltd (BPS) engaged in serious and unlawful misconduct,” Justice Downes stated in the…
