Cryoto Currency

ASIC fires warning shots at the industry as it sues BPS Financial regarding a crypto promo By Cointelegraph


ASIC fires warning shots at the industry as it sues BPS Financial for crypto promo

Australia’s financial regulator has issued a warning to crypto asset providers in Australia. Civil proceedings have been launched against BPS Financial Pty Ltd (BPS), for misleading representations regarding its Qoin cryptocurrency token.

In an Oct. 25 Announcement, the Australian Securities and Investments Commission (ASIC) said it has commenced civil penalty proceedings against BPS Financial for making “false, misleading or deceptive representations” to its 79,000 users about its crypto token Qoin.