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<ul> 
 <li>Australian court has found BPS Financial guilty of operating unlicensed crypto operations with the Qoin Wallet.</li> 
 <li>BPS has been accused of misleading marketing and selling over $40 million in Qoin Tokens without proper authorization.</li> 
 <li>ASIC chair Joe Longo emphasizes the importance of crypto providers holding appropriate licenses.</li> 
</ul> 
<p><strong>The Australian Federal Court has found BPS Financial guilty of operating unlicensed crypto operations with the Qoin Wallet, marking a significant development in the regulation of cryptocurrency in Australia.</strong></p> 
<h2 id="strong-bps-found-guilty-of-unlicensed-crypto-operations-strong"><strong>BPS Found Guilty of Unlicensed Crypto Operations</strong></h2> 
<p>The Australian Federal Court has ruled that BPS Financial was operating without a license, granting victory to the Australian Securities and Investments Commission (ASIC). BPS Financial was charged for promoting QOIN tokens outside established laws. This ruling comes as a significant blow to BPS, which had marketed Qoin tokens as a payment method for goods and services to both individual consumers and business proprietors, referred to as ‘Qoin Merchants.’</p> 
<h3 id="strong-qoin-wallet-constitutes-a-financial-product-strong"><strong>Qoin Wallet Constitutes a Financial Product</strong></h3> 
<p>Justice Downes, in his ruling, determined that the Qoin Wallet constituted a financial product, specifically, a non-cash payment facility. As such, BPS was found to be in violation of the Corporations Act by not holding an Australian Financial Services License. This ruling has far-reaching i... <a href="https://en.coinotag.com/australian-court-slams-bps-financial-for-illicit-crypto-activities-a-wake-up-call-for-bitcoin-btc-traders/">Read the full article for FREE at COINOTAG!</a></p>

Australian Court Slams BPS Financial for Illicit Crypto Activities: A Wake-Up Call for Bitcoin (BTC) Traders

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