Australia fines BPS Financial over 14 million AUD for misconduct related to Qoin token

HalfBuddhaMoney · 2026-02-10T01:04:08+00:00

The Federal Court of Australia fined BPS Financial 14 million AUD for providing financial services without a license. The company misled consumers about Qoin token's usability and exchangeability, prompting regulatory actions to tighten control over the cryptocurrency industry.

HalfBuddhaMoney

2026-02-10 01:04:08

Abstract generation in progress

The Federal Court of Australia has just imposed a fine of AUD 14 million on BPS Financial, the operator of the Qoin Wallet platform. According to a notice from Foresight News, the reason for the fine is that the company was operating a financial service without a license from the regulatory authority.

Fraudulent behavior spanning several years

Over the past three years, the Court has found that BPS Financial engaged in actions that caused misunderstandings and deception related to the Qoin token. Specifically, the company advertised the ability to use Qoin tokens for commercial transactions and claimed it could exchange them for fiat currency or other digital assets, which has no legal basis.

Strong warning signals from regulators

Mr. Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), stated that this penalty is a strong warning to the entire digital asset industry. This is a significant step by Australian authorities to tighten control over activities related to tokens and financial services in the cryptocurrency sector, aiming to protect investors’ rights.

TOKEN0,46%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.