ASIC sues BPS Financial over crypto promo. The reason is that the company made "false, misleading or deceptive representations" to its 79,000 users about its token $Qoin. It alleges the company engaged in "unlicensed conduct" relating to $Qoin, a digital currency launched in Oct. 2019 which allows participating merchants to accept as payment for goods and services.
ASIC Deputy Chair Sarah Court said this case should serve as a warning to all crypto issuers that ASIC is monitoring the crypto market for misconduct. "Where it falls within our remit, ASIC will take targeted action against unlicensed conduct and misleading promotion of crypto-asset financial products that could harm consumers, this is a key priority for ASIC."