Melbourne’s Helio Lending, a prominent cryptocurrency lender, found itself ensnared in a legal entanglement. The lender was handed a non-conviction bond over its inaccurate claims of possessing an Australian credit licence (ACL), a pivotal license that stands as a testament to an institution’s credibility in the financial sector.
This revelation emerged when the Australian Securities and Investments Commission (ASIC), a regulatory body that oversees financial markets and companies, shed light on Helio’s misleading information. Specifically, in August 2019, the lender made a public statement on its website claiming the possession of the credit licence, ACL 391330. However, ASIC’s investigations highlighted that not only did Helio Lending lack this licence, but they also weren’t representing any ACL holder during the time of this proclamation.
Given the surge in the popularity and integration of cryptocurrencies into mainstream…
