Australian court fines Qoin Wallet operator 14 million AUD for unlicensed operations and misleading promotions

Foresight News reported, citing Decrypt, that the Federal Court of Australia has fined Qoin Wallet operator BPS Financial 14 million AUD (approximately 9.9 million USD). The court found that over the past three years, the company promoted and operated Qoin Wallet without holding an Australian financial services license. In addition, the company engaged in misleading and deceptive conduct regarding the use of Qoin tokens for merchant transactions and their exchange for cash or other digital assets. Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), stated that this penalty aims to send a strong deterrent message to the digital asset industry.