TechFlow News: On January 27, according to The Block, the Federal Court of Australia fined BPS Financial AUD 14 million (approximately USD 9.7 million) for operating the Qoin wallet without a license and misleading consumers. The fine comprises AUD 2 million (approximately USD 1.4 million) for unlicensed operation and AUD 12 million (approximately USD 8.3 million) for false or misleading representations.
In addition to the fine, the court issued several injunctions, permanently prohibiting BPS from making false or misleading statements regarding the number of Qoin wallet holders, token redeemability, or regulatory approval status, and banning it from providing financial services without proper licensing for a period of 10 years.
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