Australia: Issued ruling in ASIC lawsuit against BPS Financial Pty Ltd over alleged non-compliance with licensing requirements and consumer protection regulation

On 3 May 2024, the Australian Federal Court issued a ruling in the ASIC lawsuit against BPS Financial Pty Ltd (BPS) over alleged non-compliance with licensing requirements and consumer protection regulation. The court found that BPS engaged in unlicensed conduct as it lacked an Australian Financial Services Licence to offer or provide financial advice. BPS was also found to have engaged in misleading or deceptive conduct, including false representations about the Qoin Wallet's registration, usability, and exchangeability. The court directed further hearings to determine the appropriate level of relief.