ASIC sues BPS Financial over crypto Qoin, warns other promoters

The corporate regulator has launched its first court action alleging a crypto offering is an unlicensed financial product and pointed to tougher scrutiny of all issuers in the volatile space as a key priority for ASIC chairman Joe Longo.

The Australian Securities and Investments Commission said on Tuesday it had sued Gold Coast-based BPS Financial, the owner and operator of Block Trade Exchange, in the Federal Court alleging unlicensed conduct and the misleading promotion of crypto assets.