Regulatory Alerts2026-01-27
Federal Court Orders BPS Financial to Pay $14 Million Penalties for Unlicensed Crypto Qoin Wallet Operations
The Federal Court has ordered BPS Financial Pty Ltd to pay $14 million in pecuniary penalties for engaging in unlicensed conduct and making misleading representations regarding its Qoin Wallet crypto product. The penalty comprises $2 million for operating without an Australian Financial Services License and $12 million for false statements about the token's exchangeability and official registration. In addition to the financial penalties, the Court imposed permanent restraints on misleading claims, a 10-year ban on providing unlicensed financial services, and requirements for adverse publicity notices.
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