Australia Court Fines BPS Financial A$14M Over Unlicensed Qoin Wallet

A Federal Court has ordered Gold Coast–based BPS Financial to pay AU$14 million after finding the company operated and promoted a “Qoin Wallet” without the required licences, the Australian Securities and Investments Commission (ASIC) said. BPS, the owner and operator of Block Trade Exchange, promoted a crypto token called “Qoin” and a linked “non-cash payment” wallet, conduct ASIC says breached licensing rules and consumer-protection laws ^[1][4].

ASIC’s enforcement action also targeted misleading and deceptive representations made in promotion of the Qoin Wallet, highlighting regulator concerns about risks tied to crypto payment product claims and compliance gaps in the sector. The penalties reflect increased scrutiny of digital-asset offerings and signal tougher oversight for Australia’s crypto industry ^[1][3][4].

Regulators say the ruling underscores that firms offering crypto payment products must meet licensing and disclosure obligations or face substantial penalties ^[1].