Australia fines BPS Financial 14 million AUD for violations related to Qoin Wallet

2026-02-09 13:10:58

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One of the largest cases related to digital assets in Australia has just been concluded. According to Foresight News, the Australian Federal Court has ruled to fine BPS Financial—the operator of the Qoin Wallet app—up to 14 million AUD for conducting business without a financial services license. This case highlights serious misconduct in the management and promotion of digital tokens in the country.

Qoin Wallet operates without a license, deceiving users

After three years of investigation, the court found that BPS Financial engaged in misleading and deceptive conduct related to the Qoin token. The company claimed that users could use Qoin to perform commercial transactions and exchange the token for cash or other digital assets. However, these promises were not fully fulfilled, resulting in losses for investors.

ASIC intensifies oversight and issues warning signals

Joe Longo, Chair of the Australian Securities and Investments Commission (ASIC), emphasized that this fine is not only aimed at BPS Financial but also serves as a strong warning to the entire digital asset industry in Australia. The decision demonstrates the regulatory body’s commitment to protecting investors’ rights and maintaining market transparency. Companies operating in this sector must fully comply with legal regulations to avoid similar penalties.

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