Australian Court Imposes $14 Million Fine on BPS Financial for Regulatory Breaches

An Australian federal court has ordered financial services company BPS Financial to pay a fine of 14 million AUD for violations related to the promotion and operation of its Qoin Wallet product. According to PANews, the penalties include approximately 1. 3 million AUD for operating financial services without a license and 8 million AUD for making misleading and deceptive statements. The Australian Securities and Investments Commission (ASIC) accused BPS of issuing the product and providing financial advice without holding an Australian financial services license from January 2020 to mid-2023, in violation of the Corporations Act source: https://www.binance.com/en/square/post/35639610094138?utm_source=BinanceNewsRSS