{"id":888199,"date":"2026-01-27T22:13:30","date_gmt":"2026-01-28T04:13:30","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/01\/27\/australian-court-penalizes-bps-financial-over-crypto-qoin-wallet-promotion\/"},"modified":"2026-01-27T22:13:30","modified_gmt":"2026-01-28T04:13:30","slug":"australian-court-penalizes-bps-financial-over-crypto-qoin-wallet-promotion","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/01\/27\/australian-court-penalizes-bps-financial-over-crypto-qoin-wallet-promotion\/","title":{"rendered":"Australian Court Penalizes BPS Financial Over Crypto Qoin Wallet Promotion"},"content":{"rendered":"
\n

\n Australian Court Penalizes BPS Financial Over Crypto Qoin Wallet Promotion <\/h2>\n
\n
\n

\n <\/p>\n

Author<\/p>\n

\n

Sujha Sundararajan<\/p>\n

\n
\n

\n <\/p>\n

\n
\n

Author<\/p>\n

Sujha Sundararajan<\/span>\"Verified\"<\/span>\n <\/p>\n<\/p><\/div>\n

\n

Part of the Team Since<\/p>\n

Jun 2023<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n

About Author<\/p>\n

Sujha has been recognised as \ud83d\udfe3 Women In Crypto 2024 \ud83d\udfe3 by BeInCrypto for her leadership in crypto journalism.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n

\n

Last updated:\u00a0<\/p>\n

\"ASIC<\/p>\n

The Australian Securities and Investments Commission (ASIC) said Tuesday<\/a> that a Federal Court has slapped AU$14 million ($9.6 million) on Gold Coast-based BPS Financial for operating and promoting its \u2018Qoin Wallet\u2019 crypto product.<\/p>\n

BPS Financial, the owner and operator of Block Trade Exchange, touted a crypto token called \u2018Qoin\u2019 and promoted a \u201cnon-cash payment\u201d wallet linked to it.<\/p>\n

The corporate regulator launched its first court action<\/a> against the firm in 2022, alleging unlicensed conduct and the misleading promotion of crypto assets.<\/p>\n

BPS Financial claimed that its self-issued cryptocurrency Qoin could be swapped for Australian dollars through other exchanges. It also noted that the Qoin wallet and company were regulated. However, BPS Financial does not hold a license in Australia.<\/p>\n

The Federal Court said in 2024 that the company was involved in unlicensed conduct over almost three years for issuing Qoin crypto and promoting its wallet.<\/p>\n

BPS Financial to Pay Penalties for Unlicensed Conduct, Misleading Statements<\/span><\/h2>\n

Per the Tuesday statement, the firm additionally made several false and misleading representations about the Qoin Wallet.<\/p>\n

\u201cGiven the nature of these products, providers must have the appropriate licenses and authorizations,\u201d said ASIC Chair Joe Longo.<\/p>\n

The Court has ordered BPS Financial to pay its AU$14 million, split into two, according to the charges. This includes a AU$12 million penalty for misleading statements and a AU$2 million for unlicensed conduct.<\/p>\n

\u201cThe size of these penalties underscores the seriousness of BPS Financial\u2019s misconduct and is intended to send a strong message of deterrence to the digital asset industry,\u201d Longo added.<\/p>\n

Aussie Places Crypto Regulation Gaps in 2026 Risk Outlook Plan<\/span><\/h2>\n

The ASIC released major 2026 risk report on Tuesday, highlighting that crypto assets continue to create risks<\/a>, including with \u201cunlicensed advice, misleading conduct, and the exploitation of unclear regulatory boundaries.\u201d<\/p>\n

The regulator noted that the government should determine whether a new asset class should be brought within a licensing regime.<\/p>\n

\u201cEnsuring clarity on licensing requirements and maintaining effective perimeter oversight will remain priorities for ASIC in 2026,\u201d it added.<\/p>\n

\n <\/p>\n

\n \n \n \n \n <\/svg>
\n Follow us on Google News <\/a>\n <\/p>\n<\/p><\/div>\n

Read More<\/a>
\n Dion Wiers<\/p>\n","protected":false},"excerpt":{"rendered":"

Australian Court Penalizes BPS Financial Over Crypto Qoin Wallet Promotion Author Sujha Sundararajan Author Sujha Sundararajan Part of the Team Since Jun 2023 About Author Sujha has been recognised as \ud83d\udfe3 Women In Crypto 2024 \ud83d\udfe3 by BeInCrypto for her leadership in crypto journalism. Last updated:\u00a0 January 27, 2026 The Australian Securities and Investments Commission<\/p>\n","protected":false},"author":1,"featured_media":888200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28182,2047],"tags":[],"class_list":{"0":"post-888199","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-australian","8":"category-court"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/888199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=888199"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/888199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/888200"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=888199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=888199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=888199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}