PANews January 27 News, according to Cointelegraph, the Federal Court of Australia has ruled that financial services company BPS Financial must pay a fine of AUD 14 million (approximately USD 9.3 million) for violations related to the promotion and operation of the Qoin Wallet product. Of this, about USD 1.3 million pertains to unlicensed financial business operations, and USD 8 million relates to misleading and deceptive statements.
The Australian Securities and Investments Commission (ASIC) accused BPS of issuing the product and providing financial advice without holding an Australian financial services license from January 2020 to mid-2023, in violation of the Corporations Act. The court found that senior management was involved and that the compliance system was flawed, constituting “serious and illegal conduct.” In addition to the fine, BPS is prohibited from operating unlicensed financial businesses for the next 10 years, required to publish court-ordered notices on the Qoin Wallet app and website, and will bear most of ASIC’s litigation costs.
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