The Australian Securities and Investment Commission (ASIC) has brought civil penalty proceedings in the Federal Court against BPS Financial Pty Ltd, one of the asset management firms operating in the country.
According to a press release shared by the regulator, BPS Financial made a number of false and misleading statements about Qoin Financial tokens which it allegedly distribute to 79,000 investors.
As noted by ASIC, BPS Financial marketed the Qoin token by promising that those who hold the coin can exchange them for other financial assets including the Australian Dollar on independent exchanges. While BPS also alleges that the Qoin token can be used to purchase goods and pay for services from merchants it is in partnership with, it claimed that the wallet and crypto product of the Qoin token were regulated by relevant authorities.
The Aussie regulator came to find out that none of the claims of the company are true and…
