April

<div class="cryptonews"> 
 <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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="fintech" href="https://thebittimes.com/tag/fintech.html">fintech</a> Helio Lending would face a good-behavior bond for a year after falsely claiming in 2019 that it held an Australian credit <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>.</p> 
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    <p lang="en" dir="ltr">Melbourne-based <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency 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 https://t.co/GwrQ5VbRBf pic.twitter.com/gOsHHp02xL</p>— ASIC Media (@asicmedia) August 17, 2023 
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 <p>According to ASIC, Helio misled its customers by stating it had a credit <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a> 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 <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>, <a rel="noopener noreferrer nofollow" title="misleading" href="https://thebittimes.com/tag/misleading.html">misleading</a> their customers to believe that they had the protections afforded by such a <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>.”</p> <cite>ASIC deputy chair Sarah Court</cite> 
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 <p>Helios, which provides its customers with crypto-backed loans, operates as a subsidiary of the US-based company Cyios Corporation.</p> 
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Australia convicts crypto fintech Helio of misleading license claims

TheBitTimes

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