Qoin still has a class-action suit pending against it in addition to the case brought by regulator ASIC.
The Australian Securities & Investment Commission (ASIC) has won a court case against BPS Financial. The firm is accused of deceptive practices in connection with its non-cash payment facility, powered by the Qoin token.
The Federal Court of Australia found that BPS made four false claims. Specifically, BPS claimed that Qoin was registered or approved by the government, legally complaint, freely exchangeable for other crypto assets or fiat and was accepted by a growing network of merchants.
The court ruled that BPS violated the Corporations Act and the Australian Securities and Investments Commission Act. It ordered the sides to confer on the next steps before another hearing this year, which may include penalties.
