Australia Fines Qoin Wallet Operator $14 Million for Unlicensed Activity

In brief

• A federal court found BPS Financial promoted and operated the Qoin Wallet for nearly three years without an Australian financial services licence.
• The court ruled the firm misled users about whether Qoin tokens could be spent with merchants or converted into cash or other digital assets.
• The penalty was split between unlicensed conduct and misleading representations.