BPS Financial to pay $14M in penalties for promotion and operation of crypto Qoin Wallet
Australia’s Federal Court has found BPS Financial Pty Ltd must pay $14 million in pecuniary penalties over its promotion and operation of its ‘Qoin Wallet’ crypto product.
BPS Financial promoted the Qoin Wallet as a non-cash payment facility linked to a digital crypto token called ‘Qoin’.
In 2024, the Federal Court found that BPS Financial engaged in unlicensed conduct over almost three years by issuing and providing financial advice about the Qoin Wallet without holding an Australian Financial Services License. The Court also found that BPS Financial engaged in misleading and deceptive conduct when it made several false and misleading representations about the Qoin Wallet.
In 2025,…
