The Australian Securities and Investments Commission (ASIC) has sued the issuer of digital currency Qoin Crypto, alleging that the company misled or deceived almost 80,000 users.
Australia’s corporate watchdog has also alleged that BPS Financial Limited engaged in unlicensed conduct before taking federal action against the company.
Qoin Crypto Creator Faces Court Action
The creator of Qoin could face civil penalties in court for false representations. The company reportedly made its users believe that Qoin could be exchanged for other crypto or Australian dollars on an independent exchange.
In addition, the digital currency was portrayed as a medium of exchange for goods and services as BPS showcased that it’s used by several businesses and merchants.
In a statement, BPS Financial director Tony Wiese told ABC News, “BPS does not agree with the position of ASIC and will be defending the matter… Our focus remains to…
