April

<p class="is-style-lead">Crypto fintech Helio Lending will face a non-conviction bond after falsely claiming it held an Australian credit license.</p> 
<p>On Aug. 17, the Australian Securities and Investments Commission (ASIC) stated in a press release that crypto fintech Helio Lending would face a good-behavior bond for a year after falsely claiming in 2019 that it held an Australian credit license.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Melbourne-based cryptocurrency lender Helio Lending Pty Ltd has been sentenced to a non-conviction bond for falsely claiming that it held an Australian credit licence when it did not <a href="https://t.co/GwrQ5VbRBf" target="_blank" rel="noopener noreferrer nofollow">https://t.co/GwrQ5VbRBf</a> <a href="https://t.co/gOsHHp02xL" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/gOsHHp02xL</a></p>— ASIC Media (@asicmedia) <a href="https://twitter.com/asicmedia/status/1692067507874435510?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 17, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>According to ASIC, Helio misled its customers by stating it had a credit license when it didn’t have a valid one and wasn’t an ACL holder. ASIC prosecuted Helios in April 2022. The company later pleaded guilty to the financial regulator.</p> 
<p>Helio will have 12 months to show suitable behavior under a non-conviction bond. If the company fails to comply, it must pay $9,600 (15,000 Australian dollars). Good behavior bonds are typically given to companies that commit less severe offenses.</p> 
<blockquote class="wp-block-quote"> 
 <p>“We expect entities and individuals to provide accurate information to their customers and potential customers. Helio falsely claimed that it held an Australian Credit license, misleading their customers to believe that they had the protections afforded by such a license.”</p> <cite>ASIC deputy chair Sarah Court</cite> 
</blockquote> 
<p>Helios, which provides its customers with crypto-backed loans, operates as a subsidiary of the US-based company Cyios Corporation.</p> 
<p> You might also like: <a href="https://crypto.news/asic-releases-the-top-10-ways-to-spot-a-crypto-scam/" rel="noopener noreferrer nofollow"> ASIC releases the top 10 ways to spot a crypto scam </a> </p>

Australia convicts crypto fintech Helio of misleading license claims

crypto.news

Other articles published on Aug 18, 2023

OKX's institutional clients can now trade via CoinRoutes for best execution

Grayscale Vs SEC Verdict Delayed for Second Time

Bitcoin Braces for Potential Turnaround Amid Historic Lows in Volatility

Cardano (ADA) Bull Calls for Long-Term Focus as Market Sentiment Wanes

Avalanche Price Prediction: Will AVAX defend $10 and reverse up?

Kraken CEO Hopeful for Bitcoin ETF Approval Despite SEC Delays

Join our free newsletter for daily crypto updates!