An Australian court has fined crypto wallet operator BPS Financial $14 million for misleading consumers by falsely claiming that its Qoin token has good availability and convertibility. The fines were divided into two parts: unlicensed operations and fraud, as the investigation found limited merchant acceptance of Qoin tokens and the lack of reliable channels for users to exchange Qoin for cash or other assets. The Australian Securities and Investments Commission (ASIC) said the fine was aimed at curbing violations in the digital asset industry.
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An Australian court has fined crypto wallet operator BPS Financial $14 million for misleading consumers by falsely claiming that its Qoin token has good availability and convertibility. The fines were divided into two parts: unlicensed operations and fraud, as the investigation found limited merchant acceptance of Qoin tokens and the lack of reliable channels for users to exchange Qoin for cash or other assets. The Australian Securities and Investments Commission (ASIC) said the fine was aimed at curbing violations in the digital asset industry.