Australian Federal Court Rules In Favor Of ASIC In Case Against BPS Financial Pty Ltd

According to Foresight News, the Australian Federal Court has ruled in favor of the Australian Securities and Investments Commission (ASIC) in a case against BPS Financial Pty Ltd (BPS) regarding its Qoin scheme. The court ruled that ASIC won its case of misconduct, excluding the behavior related to BPS as a representative of PNI Financial Services Pty Ltd, which held a non-cash payment license for a period of 10 months. In 2022, ASIC sued BPS, asking the court to rule that the entire Qoin project, tokens, blockchain, and wallet are financial products that require a license. The court rejected ASIC's attempt to consider the entire blockchain as part of a 'financial product' under Australian law in this ruling. The court has asked ASIC and BPS to negotiate and agree on a form of order to resolve the remaining issues, including penalties later this month.