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business21h ago
Gold Coast firm fined $14m over Qoin cryptocurrency
- Australian Federal Court orders BPS Financial to pay $14 million in pecuniary penalties for misrepresentation related to Qoin.
- ASIC alleged BPS made false and misleading representations to about 80,000 people and 38,000 merchants.
- The court prohibited BPS from providing unlicensed financial services for 10 years and required a public notice.
- Qoin was marketed as a digital currency with widespread merchant acceptance and exchangeable value.
- A class action linked to Qoin was settled, with claimants receiving 4.3 million Qoin tokens.
- The Federal Court found Qoin tokens' value likely limited, affecting investor expectations.
- BPS faced ongoing scrutiny after earlier exemptions on licensing were overturned on appeal.
- The court found that BPS conducted a financial services business without a license for some period.
- The decision required public disclosure of the court's ruling online.
- Qoin revenue reportedly exceeded $42 million during the period of misconduct.
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