The Australian Securities & Investments Commission (ASIC) has announced that the Federal Court ordered BPS Financial Pty Ltd to pay AUD 14 million in pecuniary penalties for unlicensed conduct and misleading and deceptive conduct connected to its promotion and operation of the Qoin Wallet crypto product. The Qoin Wallet was promoted as a non-cash payment facility linked to a digital token, Qoin. The penalties comprise AUD 2 million for unlicensed conduct and AUD 12 million for misleading and deceptive conduct involving false and misleading representations. The Court also permanently restrained BPS from making specified false or misleading claims about Qoin Wallet holders, exchangeability of Qoin tokens, and purported official approval or registration, restrained BPS for 10 years from carrying on a financial services business without an Australian financial services licence, required adverse publicity notices on the app and steps to request publication of a notice on the qoin.com website, and ordered BPS to pay most of ASIC’s costs.

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