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ARTICLE · 25 AUGUST 2024

ASIC flips Qoin with appeal on scope of authorised rep exemption

Piper Alderman
Piper Alderman
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The Court also found that BPS had made certain misleading representations in relation to its product offering.

AustraliaConsumer Protection
Michael Bacina
Michael Bacina
Steven Pettigrove
Steven Pettigrove
Jake Huang
Jake Huang
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Michael Bacina, Steven Pettigrove and Jake Huang of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain and Digital Law.

In May, ASIC scored a win in its legal action against BPS Financial Pty Ltd (BPS) with Justice Downes of the Federal Court finding that BPS had carried on an unlicensed financial service when offering the "Qoin Wallet" to consumers as it did not have a valid Corporate Authorised Representative (CAR) arrangement in place with a financial services licensee during certain periods of time. The Court also found that BPS had made certain misleading representations in relation to its product offering.

However, the Federal Court rejected ASIC's attempts to argue that the blockchain platform developed by Qoin formed part of the unlicensed "financial product" under Australian law. Justice Downes also rejected ASIC's long-standing position (as reflected in Regulatory Guide 36 and Information Sheet

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