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Australian Court Backs ASIC in Legal Case against Qoin Scheme

In a significant legal decision, a court in Australia has predominantly sided with the country’s market regulator, the Australian Securities and Investments Commission (ASIC), concerning BPS Financial Pty Ltd (BPS) and its Qoin scheme.

The Judge Justice Downes ruling, which has far-reaching implications for the financial sector, underscores the importance of regulatory oversight in safeguarding investors and maintaining the integrity of financial markets. The battle began in October 2022 when ASIC accused BPS of making misleading and deceptive conduct relating to its entire Qoin project, its token, blockchain, and wallet offerings.

ASIC to Ensure BPS Comply with Regulatory Standards

The Qoin scheme, marketed as a digital currency or cryptocurrency, drew the attention of authorities due to concerns over its legitimacy and License.

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