CJ - Cryptocurrency Specialist
ASIC started legal action against BPS Financial for civil penalties
ASIC deputy alleged that around 79,000 people were duped by BPS
According to a news release, the Australian markets regulator sued BPS Financial in federal court for operating an unauthorized virtual asset firm.
ASIC, the Australian Securities and Investments Commission, said that BPS Financial had marketed a crypto asset called Qoin Facility through misleading and fraudulent tactics. The regulator said that the business made a promise to customers who bought Qoin tokens that they would be able to trade crypto token for fiat money or other crypto assets on unaffiliated platforms. The regulator claims that the company allegedly informed clients that a growing number of retailers would accept the token. Contrary to what BPS implied in its marketing, Qoin merchant numbers have been declining, and there have been instances where exchanging Qoin tokens through independent cryptocurrency exchanges has not been practical.
The ASIC deputy made an interesting observation, noting that the agency is primarily worried about a misleading representation that the Qoin Facility operated under the supervision of Australian authorities, which deceived over 79,000 individuals and organizations into buying crypto token.
We suspect that more than 79,000 recipients of the Qoin Facility may have believed in error that it complied with financial services legislation. According to a media source, BPS Financial "does not agree with the ASIC's assessment" and has pledged to litigate the matter. Without providing a justification, Blockchain Australia (BCA), Australia's leading blockchain organization, withdrew Qoin off its membership list.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards