Australian Securities and Investments Commission (ASIC) has commenced legal proceedings against Australian crypto asset provider BPS Financial Pty Ltd for allegedly relaying misleading representations about its Qoin token to its 79,000 users.
The financial regulator confirmed the development in its Tuesday press release and claimed BPS indulged in unlicensed conduct through its Qoin token.
BPS is accused of misleading, deceptive, or false representations when marketing the Qoin Facility, including that the Qoin Facility and/or BPS comply with financial services laws and that the Qoin wallet application is regulated, registered, or approved in Australia.
Additionally, the company claimed that consumers who purchased Qoin tokens could exchange them for other crypto-assets or fiat currency. Moreover, it stated that merchants registered with BPS could accept Qoin tokens for purchasing goods and services.
Recall that the crypto…
