* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, September 6, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

ASIC Claims Victory in Qoin Wallet Case

May 7, 2024
in Business
ASIC Claims Victory in Qoin Wallet Case
Share on FacebookShare on Twitter

http://fullycrypto.com/

By Mark Hunter

6 hours agoTue May 07 2024 08:52:19

ASIC-Claims-Victory-in-Qoin-Wallet-Case

Reading Time: 2 minutes

ASIC has won its case against BPS Financial, which has marketed the Qoin Wallet and cryptocurrency 
BPS Financial marketed Qoin tokens to consumers and ‘Qoin Merchants,’ violating the Corporations Act
The judge distinguished the Qoin blockchain and wallets from a unified scheme, clarifying their legal standing.

The Australian Securities and Investments Commission (ASIC) recently won its case against BPS Financial Pty Ltd (BPY) over its Qoin Wallet and associated cryptocurrency. BPS marketed Qoin tokens to retail customers and business owners, referred to as ‘Qoin Merchants,’ as a payment method for goods and services provided by those merchants, but Justice Kylie Downes found that BPS breached the Corporations Act by not holding an Australian Financial Services Licence. The ruling also provided an important distinction between the Qoin blockchain and wallets representing a single scheme.

$40 Million Received for Qoin Tokens

BPS promoted Qoin tokens to retail consumers and business owners (‘Qoin Merchants’) as a means of payment for goods and services offered by Qoin Merchants, attracting more than 93,000 users and receiving in excess of $40 million from the sale of Qoin Tokens up to September 2022.

ASIC took legal action against BPS in October 2022, accusing the company of unlicensed conduct and providing false, misleading, or deceptive information about the Qoin Facility, alleging that BPS falsely assured consumers that they could confidently exchange Qoin tokens for other crypto assets or fiat currencies like Australian dollars through independent exchanges.

Additionally, the regulatory body contended that BPS misrepresented the increasing number of merchants accepting Qoin tokens, falsely claimed that the Qoin Facility and wallet application were officially regulated and approved in Australia, and asserted compliance with financial services regulations.

BPS Found Guilty

Justice Downes agreed that the Qoin Wallet was a financial product (specifically, a non-cash payment facility) and concluded that BPS contravened the Corporations Act from January 2020, except for a 10-month interval.

BPS was found to have engaged in deceptive conduct by falsely claiming the Qoin Wallet was officially approved, that it was usable with a growing number of merchants, and that it could be exchanged for other crypto-assets or Australian currency through independent exchanges.

The court highlighted that the only exchange accepting Qoin before November 2021, BTX Exchange, was controlled by BPS and lacked independence.

Ruling Includes Important Blockchain Distinction

Despite ASIC’s claim that the Qoin Blockchain and Qoin Wallets constituted a single scheme, the court rejected this, emphasizing that the Qoin Blockchain and Qoin Wallets did not directly enable non-cash payments. This rejection was noted as a significant distinction for blockchain technology by experts, who acknowledged that while breaches should be prosecuted, the underlying technology remains distinct.

ASIC Chair Joe Longo emphasized the significance of the ruling, noting that it is the first court decision against a crypto-related non-cash payment system:

ASIC has taken various enforcement actions against crypto businesses to clarify regulated products and when a license is required. These proceedings should send a message to the crypto industry that their products will continue to be scrutinized by ASIC to ensure consumers are protected and that they comply with regulatory obligations.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FullCrypto – https://fullycrypto.com/asic-claims-victory-in-qoin-wallet-case?utm_source=rss&utm_medium=rss&utm_campaign=asic-claims-victory-in-qoin-wallet-case

Tags: businessclaimsvictory
Previous Post

Look Up And Say Hello Campaign Boosts Hobart Pedestrian Safety | Mirage News

Next Post

Exodus to Tokenize its Stock on the Blockchain

Blending art, culture and native plants at Wakamatsu – Mountain Democrat

Discover the Harmony of Art, Culture, and Native Plants at Wakamatsu

September 6, 2025
The Two-Body Problem for Women in Science – Nautilus | Science Connected

The Two-Body Problem for Women in Science – Nautilus | Science Connected

September 6, 2025
How AI and Automation are Speeding Up Science and Discovery – Berkeley Lab News Center (.gov)

How AI and Automation Are Accelerating Breakthroughs in Scientific Discovery

September 6, 2025

American Trust Investment Services Serves as Exclusive Placement Agent in $9 Million Follow-On Offering for Nova LifeStyle, Inc. – Morningstar

September 6, 2025
Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

September 6, 2025
EA SPORTS™ and New York City FC Extend Partnership to Power the Future of Football Fandom in NYC – New York City FC

EA SPORTS™ and New York City FC Join Forces to Transform Football Fandom in NYC

September 6, 2025
News – Ancient DNA Pinpoints Culprit Responsible for World’s First Pandemic – Archaeology Magazine

Ancient DNA Reveals the True Cause of the World’s First Pandemic

September 5, 2025
Fears of US recession as economy adds just 22,000 jobs – The Times

Fears of US recession as economy adds just 22,000 jobs – The Times

September 5, 2025
Musiq Soulchild Surprises Fan’s Bride With “Dontchange” Wedding Serenade – yahoo.com

Musiq Soulchild Captivates Wedding Guests with Heartfelt Serenade of “Don’tchange

September 5, 2025
States fight feds over future of school mental health services – Courthouse News Service

States Clash with Federal Government Over the Future of School Mental Health Services

September 5, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (809)
  • Economy (827)
  • Entertainment (21,704)
  • General (16,879)
  • Health (9,868)
  • Lifestyle (840)
  • News (22,149)
  • People (829)
  • Politics (834)
  • Science (16,038)
  • Sports (21,326)
  • Technology (15,808)
  • World (808)

Recent News

Blending art, culture and native plants at Wakamatsu – Mountain Democrat

Discover the Harmony of Art, Culture, and Native Plants at Wakamatsu

September 6, 2025
The Two-Body Problem for Women in Science – Nautilus | Science Connected

The Two-Body Problem for Women in Science – Nautilus | Science Connected

September 6, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version